facebook removes crypto ban
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Facebook Removes the Crypto Ban

Cryptocurrency related services and businesses, such as exchanges, will now be allowed to run ads on Facebook again.

Facebook has announced that they are reversing their crypto advertising ban. The ban that started in January will be lifted with immediate effect.
The announcement emphasizes that this is an audit of Facebook’s cryptography policy, not a policy removal entirely. Advertising for binary options and ICOs, for example, is still prohibited.

Facebook Business write the following about the ban policy:

“In recent months, we’ve considered the best way to refine this policy – to allow some ads while working to ensure their security. From June 26, the policy will be updated to allow ads promoting crypto, blockchain and related content from pre-approved advertisers. We will continue to ban ads that promote binary options and initial currency offerings. ”

This means, in other words, that crypto related services and businesses, such as exchanges, will now be allowed to run ads on Facebook again.

The story behind the ban

Facebook put a complete ban on cryptographic ads in January 2018, accurate in the start where ICOs became very popular. This was a time that led to violent ICO fraud, long before regulators made any tightening. Facebook’s decision came as a goal to protect its users from fraud and theft.

The ban, however, generated a lot of resistance from financial industry leaders. Global crypto value groups from Russia and Asia joined another with complaints against Facebook for the ban.

The motives were uncertain

Not everyone was pleased with Facebook’s reasons for the ban. At the beginning of 2018, Facebook reported that they developed their own blockchain internally. This followed Mark Zuckerberg’s January reports, telling him Facebook looked at the cryptocurrency and its decentralized technologies as a possible integration into Facebook. Facebook had also employed a Coinbase board member to run his blockchain project.

Many talked out and thought that the ban was part of a larger plan to push out competitors and when Facebook launched its own blockchain. Google and Twitter followed their own ban on crypto advertising around the same time as Facebook.

Facebook has not launched any blockchain or cryptographic-based technologies yet publicly.

Sources:
CCN
CNBC
Facebook Business