Facebook had called for a ban on cryptocurrency related ads in January 2018 over the growing concerns over ICOs and Ponzi schemes in the wake of a bubble like characteristics in the cryptocurrency markets. However, since then the social media giant has changed its stance considerably as it is planning to release its own Facebook Coin.
Until now, Crypto-Twitter has been a popular platform alongside Telegram and Reddit for promoting and sharing cryptocurrency and blockchain news. Moreover, as Facebook has prohibited the promotion of posts and ads, it restricted the publications and new companies to target the audience on Facebook.
The ad-ban was lowered to a permission-based approval in June 2018. Prior written consent was mandatory for posting and hosting the blockchain and cryptocurrency ads and pages on Facebook. However, they released a new update on 8th May saying,
We will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.
Industry news, education or events promotion will open a plethora of information sharing opportunity on Facebook which was highly restricted until now.
Nevertheless, they will continue to ban ads for initial coin offerings (ICOs) as well as ads for binary options.
Facebook has more than two billion users. Hence, an ad lifting proposal for cryptocurrency and blockchain would engage more people interested in blockchain projects and cryptocurrencies. Therefore, Blockchain and cryptocurrency projects looking to grow their world-wide presence will surely look in to tap this marketing opportunity.
Do you think that ads promotion on Facebook will affect the price of cryptocurrencies even more greatly or help it stabilize? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com