Advertisements associated with blockchain technology, and news, educational materials, and events about cryptocurrencies can be posted on Facebook without needing approval. The change was recently announced on Facebook Business.
This was a significant change from the previous year when the social media platform enforced a rule that required blockchain and cryptocurrency promoters to secure consent before they could post their ads.
ICO Ads Still Banned
Facebook’s announced also specified that the update does not apply to ads that actively promote a specific cryptocurrency. Advertisements for initial coin offerings (ICOs) are still not allowed.
Facebook placed restrictions on advertisements on crypto and related tech to protect its users from being victimized by misleading ads. However, companies who want to promote a particular product, like a specific cryptocurrency or crypto exchange, or mining hardware and software, would be subjected to an intense background screening.
According to Facebook’s announcement, the screening would include any licenses the company has secured, whether they’re a subsidiary or “traded on a public stock exchange.”
Criticism From Stunting Technological Development
Facebook’s previous policy of banning ICO and cryptocurrency advertisements was widely criticized as being detrimental to technological advancement. At the time, FUSION’s founder, Dejun Qian, said that while Facebook’s policy does protect people, scammers, the “intentionally broad” ruling is not “the best route for technology development.” He also said that he doesn’t believe it’s a good idea to ban advertisements just because people might buy counterfeit products.
There have also been reports this week that Mark Zuckerberg’s company has allegedly received the rights to a trademark dubbed “Libra.” It’s supposedly a secret crypto project for a token that can be used on Facebook, Instagram, and WhatsApp.