Yesterday it was announced that Facebook is reversing its cryptocurrency ad ban, effective immediately.
Facebook has announced that it will allow ads and related content from “pre-approved advisers” and will not allow ads promoting any binary options and initial coin offerings.
The platform first enacted the ban at the beginning of the year, and said that at the time too many companies in this space were “not currently operating in good faith,” according to TechCrunch.
The company has said that its new policy would “improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook.”
Facebook is now reportedly making advertisers go through an application process to determine their eligibility.
The platform will now ask advertisers to include details on their applications details including what licenses they have obtained, whether they are a publicly traded company, and other relevant background information regarding their business.
Facebook’s Product Management Director Rob Leathern said in the announcement yesterday: “We’ll listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time.”
The platform also claims that the full crypto ad ban has now been lifted yesterday for approved advertisers.
Read more here.