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Facebook Set to Partially Reverse Crypto Ad Ban

May 09, 2019 13:15
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Social media giant Facebook announced that it was all set to reverse its ban on cryptocurrency-related advertising, on Wednesday. If readers would remember, last year the social media giant had clamped down on all cryptocurrency-related advertisements, including Initial Coin Offering (ICOs), along with a host of other companies such as Google and MailChimp.

However, sounds like the policy is all set to change, albeit partially. The most common reason attributed to this sudden change of heart is that Facebook is reportedly developing its own stablecoin, Libra.

Earlier Crypto-News India had reported that Nathaniel Popper, a well-known contributor of the New York Times, published a tweet, saying that Zuckerberg and his team are in talks with VC companies in search of funding Facebook’s crypto project.

In April this year, Popper had said, “Update on Facebook’s cryptocurrency: Sources tell me that Facebook is now looking to get VC firms to invest in the Facebook cryptocurrency project we reported on earlier this year. I hear they are targeting big sums — as much as $1b.”

While the ban still does not include ICOs, the company in a blog post said, “Last June, we updated our advertising policies to require prior written approval to advertise cryptocurrency products and services on Facebook. Since then, we’ve listened to feedback and assessed the policy’s effectiveness. While we will still require people to apply to run ads promoting cryptocurrency, starting today, 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.”

The announcement further stated that the company would not allow advertisements for promoting contracts for difference (CFDs), complex financial products that are often associated with predatory behaviour. It said, “These products, due to their complexity, often mislead people. We’ll also continue to ban ads for initial coin offerings (ICOs) as well as ads for binary options.”

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