Facebook will soon deliver on a course of action hinted at six months ago. Back in January, the company banned all ads related to cryptocurrencies but said that this might change in time. It finally has, and crypto ads will return to Facebook.
Facebook’s decision to ban crypto ads
Facebook still remains one of the largest social platforms to this day, and as such, it has to go along with the latest tech to stay relevant. Considering how quickly the crypto trend is growing, other social platforms have already started offering crypto-related ads. However, back in January 2018, Facebook banned them all.
The reason behind was the team’s belief that its users required protection from scammers who might take advantage of the crypto excitement that skyrocketed at the time. This was the period where Bitcoin went up to $20,000 per coin and other cryptos reached new heights. With a situation like that, it was not surprising that scams were also in proliferation.
Facebook stipulated at the time that the decision to ban ads might be revoked at a future time when the company finds a way to filter the ads and only display legitimate offers. It would appear that the time is now, and the crypto ads will soon return to the platform.
The crypto ads are back
Of course, Facebook did mention that there will be improvements regarding which ads it will display, which is why it will only offer pre-approved advertisers. It will draw the line when it comes to the nature of ads and has stated that ICOs and binary options will not be allowed.
The process will include an official application submitted by the advertisers, including licenses and various documents that would prove the firm’s legitimacy and that it has a background in the crypto world. The Facebook team will then review and fact-check the info, and if everything checks out, the ads from that particular firm will be allowed.
That being said, Facebook still encourages its users to report any ads that might be in violation of the company’s guidelines. This can also be seen as an indication that some scam ads may make it through the process and it will be up to the users to report them.
Facebook’s Product Management Director, Rob Leathern, stated that the company will listen to their customers’ feedback regarding ads and that they will go from there. The future of crypto-related ads is still not secure, but Facebook is willing to give them a chance. And, if the stricter application helps to keep the scammers out of Facebook, the company will be able to generate even more ad revenue from crypto firms. Not a bad deal for Facebook.
