Now you can promote cryptocurrency ads on facebook, but there's a catch
Cryptocurrency was ignored by many, considering the legalities of its architecture. Many countries have it in gray zone, and many have a complete ban. However, getting involved in cryptocurrency is different from advertising about it. Though there’s a provoking element among viewers by showing ads, that’s a different story altogether.
Facebook was one of those companies to ban ads related to cryptocurrency. The whole category of cryptocurrency was banned from advertising on Facebook in January this year. The policy was to “prohibit ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency.”
However, at the time of this announcement, Facebook made it really clear that “this policy is intentionally broad while we work to better detect deceptive and misleading advertising practices... We will revisit this policy and how we enforce it as our signals improve.”
Seems like greater minds at Facebook came together and thought to refine the policy and allow the ads on their platform. Also making sure that the ads are safe, not misleading and legitimate. Let’s admit, cryptocurrency is something no one can ignore. When everyone is talking about it, not allowing cryptocurrency ads on a platform like Facebook would simply mean leaving a ton of money on the table.
Starting on Jun 26th, Facebook will be updating the policy governing cryptocurrency ads was updated. It states that any ad related to cryptocurrency will need a written permission. This clearly means that the ads will be manually reviewed and if found appropriate and policy compliant, it will be approved. Furthermore, these ads are more likely to get approved for pre-approved advertisers.
That being said, ads related to binary options and initial coin offering (ICO) will continue to remain banned on Facebook.
As per the announcements, the advertisers who are wanting to promote any ad related to cryptocurrency will have to get their ads approved, unlike ads of other categories which can be published directly. Sure, all ads are reviewed by the system before it goes live, but ads related to cryptocurrencies will be manually reviewed.
“Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us assess their eligibility — including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business. Given these restrictions, not everyone who wants to advertise will be able to do so. But we’ll listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time.
It’s important that we continue to help prevent or remove misleading advertising for these products and services. So please continue to report content that violates our Advertising Policies by selecting “report ad” in the upper right-hand corner of any advertisement.” stated the official blog post from the Facebook business team.