Facebook first announced a ban on cryptocurrency ads in January.
Presumably, it was penned during the late-2017 bull run that saw Bitcoin hit highs of near $20,000 (just recently dipping below $6,000), a time when scams had begun to run rampant in the space. In response, Snapchat and Google announced similar bans, the latter of which was due to come into effect on June 26.
The effectiveness of the ban itself was questionable at best. As late as April, UK financial guru Martin Lewis started pursuing Facebook in a lawsuit over fraudulent cryptocurrency ads featuring him, seemingly untouched by the ban.
In a recent blog post, Facebook announced part of that ban is being reversed:
“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. So starting June 26, we’ll be updating our policy to 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.”
Now, advertisers can fill out an application including important information with regards to licensing, and whether or not their currency is publicly traded (ICO ads, of course, remain banned – these make up the majority of scam advertisements in the space), and Facebook will determine whether they are eligible to display on the platform.
This is just a part of positive change in sentiment towards the cryptocurrency market as a whole. Just recently, the SEC declared Bitcoin and Ethereum to not be securities and therefore not subject to regulation, and the Federal Reserve added crypto trackers to its research database. In fact, in May, Facebook themselves formed an experimental blockchain group designed to focus on the rapidly advancing blockchain technology that powers cryptocurrencies.
It is as yet unclear whether Google will make similar adjustments to their own ban.