Facebook has recently released an announcement that the full-fledged ban on cryptocurrency ads on the social media website is now lifted. It is highlighted in the announcement that this is a revision of the websites cryptocurrency policy, the cryptocurrency policy itself is not removed entirely from the website. It is also worth mentioning that due to being a revision of the cryptocurrency policy, Facebook has not blindly unbanned all cryptocurrency related ads, for instance, ads for ICOs and binary options are still banned after the revision.
About this sudden revision of the policy, Facebook Business has released a statement saying that the company has been looking for a way to refine this policy for months. Facebook had been finding a way to allow some cryptocurrency ads but at the same time make sure that the ads that are approved are safe. So, from 26th of June, the company will allow cryptocurrency advertisements that are preapproved from authentic advertisement networks. The statement also clearly mentioned that advertisements promoting initial coin offerings and binary options are still banned. So, in simple words, already-released and popular cryptocurrency and cryptocurrency exchanges will be allowed to run ads.
According to a report by CNN, the cryptocurrency ban was put in place by Facebook in January, during the hype of cryptocurrency built by the performance of popular cryptocurrencies in 2017. This time has also sparked an ICO craze with a new cryptocurrency project popping up within weeks. This was also the time when ICO scams were on fire and countless people were being manipulated and ripped off by social engineers who would attract unknowing users by showing them irresistible ICO deals. Facebook’s cryptocurrency advertisement policy was a part of a Facebook initiative to protect its users from fraud.
Even after having a very strong reason for the ban, Facebook received a major backlash upon releasing the policy as cryptocurrency activist deemed the ban as Facebook’s anti-contemplative behavior towards an inevitable sector of technology. Russian and Asian cryptocurrency groups even filed lawsuits against the company as the ban impacted greatly on the market.
Perhaps the most consistent accusation Facebook faced during the backlash was that the company was pushing out competitors for the time when Facebook itself was going to release its own cryptocurrency projects. At some point, this was a gullible explanation as many news networks had reported that Facebook had been working on its own blockchain method. Mark Zuckerberg himself announced in January that Facebook was exploring blockchain and decentralized technologies to ‘fix’ some issues in the company. According to CNN report released during that time, Facebook had also teamed up with a board member of popular crypto exchange Coinbase to help in the company’s own blockchain project.
It is worth noting that the ban has been lifted and Facebook has not yet released any cryptocurrency or blockchain project publicly as of now. It is also worth noting that Facebook wasn’t the only tech giant who banned cryptocurrency advertisements, major technology giants including Twitter and Google also have banned cryptocurrency ads.