Facebook has reversed its ban on cryptocurrency advertisements.
Yes indeed. Facebook Ends Ban on Cryptocurrency Ads. Facebook will allow some preapproved advertisers, such as exchanges, to promote cryptocurrency businesses and services.
Back in January 2018, Facebook banned all cryptocurrency ads on their social network platform. Their rationale was that the move was necessary in order to prevent people from promoting “financial products and services frequently associated with misleading or deceptive promotional practices.”
Many of you know my opinion around these blanket banning of everything related to cryptocurrency. That is equivalent to banning restaurants advertising because some restaurants sell alcohol and alcohol is “frequently associated with” driving under the influence. Sounds cray cray, right?
Now, advertisers that are approved by Facebook through an application process can promote cryptocurrency-related products and services. Nonetheless, ads promoting initial coin offerings (ICOs) are still banned. Interested advertisers may have to show Facebook “licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business” in order to receive permission to run cryptocurrency ads.
The screening and review process will definitely add another layer of expenses ontop of the bottom line of Facebook, the company.
The cryptocurrency mania has declined considerably since late 2017 when the price of bitcoin reached $20,000. Right now Bitcoin (BTC)’s average market price is about $6167 according to CoinMarketCap
The insane rise in cryptocurrency created a flurry of investors wanting to cash in on the holy grail. Of course just as it is with any product or service, the scammers and shady businesses threw their hat in the till to prey upon investors with their shady ICOs, binary options deals, exchanges, etc.
Following the Facebook ban on cryptocurrency advertising, were other properties like Google, Twitter and Snapchat.
The fact that Facebook ends ban on cryptocurrency ads was not that earth shattering for many in the industry nor for the investors. Other cryptocurrency-specific advertising venues and ICO review and rating sites exist and new ones cropped up on the cryptocurrency and ICO advertising circuit. See Bitcoadz, MellowAds, and CoinGecko, and Cryptocompare.
Cryptocurrency and Blockchain are still in their infancy. The industry is on fire and has a lot of potential for advertising revenue. Thus it doesn’t take a brain surgeon to see why Facebook Ends Ban on Cryptocurrency Ads.
With Facebook bringing onboard a team of expert blockchain technologists earlier this year to explore the technology that’s used as the foundation for all cryptocurrencies, why wouldn’t Facebook ends ban on cryptocurrency ads?
Watch them in the future!
What do you think about Facebook Ends Ban on Cryptocurrency Ads? Comment Below
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