Facebook rethought their recent cryptocurrency ad ban and had had a partial change of heart. The announcement stated that “Starting June 26, we will be updating our policy to allow ads from pre-approved advertisers”. Facebook went on to confirm that the ban remains in effect for ICOs and binary options.
Cryptocurrency Advertisers Must Validate their products and themselves
Advertisers must submit their websites and products to Facebook to qualify for the exemption. They are asked a series of questions about the type of cryptocurrency products or service you are providing. They will validate everything by checking websites and authenticating the user details.
Why the sudden change of heart?
Rumors were rampant that Facebook might be looking to acquire Coinbase the largest cryptocurrency exchange in the US. Even if the stories about the acquisition are untrue, it is an indication that cryptocurrency ad dollars make a substantial enough impact for Facebook to modify their policy. This could also signal that Bitcoin and crypto may be rebound from the most recent market downturn. So far, the crypto markets have been unimpressed, but in the coming days, we will see the actual impact of the ban being lifted. We will also soon discover if there is any truth to the rumor of the Coinbase buyout.
What about ICOs?
The ICO market is a significant portion of crypto advertising, but it looks as Facebook feels there are still too many uncertainties here. It is possible as a more precise picture establishes with ICOs and their regulatory status that Facebook may allow them as well. There is a greater need for ICOs to promote their offering as paid ads are one of the only ways for these companies to get their message out in a short time frame. Many of these ICOs are available for a few short weeks, and then they go to market.