In a surprise move, Facebook has announced that it has revoked ban on cryptocurrency advertisements. However, the ban has been only partially lifted as ads related to ICOs and binary options will continue to face prohibition.
Announcing about revocation of the ban, Facebook’s newly revised prohibited products and services policy said: “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.”
As per the revised policy, advertisers will now have to fill online application form that will allow the social networking giant to scrutinize whether the concerned company ‘has obtained license to deal in cryptocurrencies or they are traded on a public stock exchange and other relevant information about their business.’
Facebook’s move has been wholeheartedly welcomed by cryptocurrency industry, with several cryptocurrency traders and investors claiming that the move clearly suggests social networking giant’s acknowledgement about the potential growth of digital currencies.
Some experts claim that the decision to lift ban on cryptocurrency ads have to be seen from the context of Facebook’s growing appetite for cryptocurrencies. This claim is based on the fact that last month Facebook unveiled a new dedicated team that will work towards creating blockchain technology. The launching of this new team immediately sparked the rumors that the social networking giant is going to launch its own cryptocurrency.
Facebook imposed ban on cryptocurrency in January
On January 30, Facebook announced that it will impose ban on all ads related to cryptocurrencies. Justifying the ban, Facebook Product Management Director Rob Leathern said in official blog post “We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.”
The ban came at a time when the price of Bitcoin – world’s most popular cryptocurrency – was trading at all time high price of $20,000. However, since then Bitcoin’s price has been on a free-fall and is currently trading just above $6000 level.