- Facebook has reversed its ban on cryptocurrency ads after less than six months.
- The ban was announced in January, but Facebook said it now wants to “refine” the policy.
- Companies can submit an application form to be approved for advertising by Facebook.
- Ads that promote binary options and initial coin offerings are still prohibited.
Facebook has reversed its ban on cryptocurrency adverts, and will now allow pre-approved businesses to promote certain services.
Facebook banned all crypto ads in January of this year, with a policy that was designed to be “intentionally broad.” At the time, Facebook Product Management Director Rob Leathern suggested in a blog post that the world of cryptocurrency was untrustworthy.
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” he said.
Leathearn released a new blog post on Tuesday explaining Facebook’s decision to allow some advertising of cryptocurrency services. “In the last few months, we’ve looked at the best way to refine this policy to allow some ads while also working to ensure that they’re safe,” he said.
Leathearn did not say why Facebook has reversed its ban. Business Insider has contacted Facebook for more information.
Facebook’s policy now requires advertisers to submit an online application so that Facebook can assess their eligibility by scrutinising “any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business.”
Despite its advertising ban in January, this is not the first sign Facebook’s appetite for crypto has changed. In May, it launched a team dedicated to developing blockchain technology, and Cheddar reported that the company was working on creating its own cryptocurrency.
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