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Facebook Reverses Ban on Cryptocurrency Ads, Maintains Ban on ICOs

“Starting June 26, we’ll […] allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”

It is reported that in an announcement published Tuesday, June 26, Facebook has updated its policy to allow cryptocurrencies to once again be advertised, while upholding its ban on the promotion of initial coin offerings (ICOs).

Facebook has been looking for the best way to “refining” its blanket ban on cryptocurrency-related advertising “over the last few months,” in order to “allow some ads while also working to ensure that they are safe.”

Facebook’s revised “Prohibited Products and Services Policy” now states:

“Starting June 26, we’ll […] allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”

The newly updated policy requires that advertisers who are interested in advertising on Facebook can submit an application and Facebook will decide whether or not to allow them run ads. The application should state the license information and whether they are traded on a public stock exchange.

Given these restrictions, Facebook concedes that “not everyone who wants to advertise will be able to do so.” The company said it will listen to feedback and “if necessary” reverse its policy over time.

Facebook first introduced its ban in January 2018, which it said was designed to prevent “ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices.”

Facebook emphasized that its initial policy was “intentionally broad” to allow the company time to take measures to detect and prevent unscrupulous promoters.

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