Facebook Is Relaxing Its Policies on Ads for Blockchain Technology and Cryptocurrency

Promoting binary options and initial coin offerings is still prohibited

People must still apply to run ads promoting cryptocurrency gopixa/iStock

Facebook is waiving its pre-approval requirement for ads related to blockchain technology and cryptocurrency industry news, education or events.

The social network imposed a ban on “promoting financial products and services frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings or cryptocurrency,” last February, saying at the time that the policy was “intentionally broad” and not necessarily permanent.

Facebook relaxed its rules slightly last June, allowing ads that promote cryptocurrency and related content from pre-approved advertisers, but retaining its ban on ads promoting binary options and ICOs.

The social network said in a blog post Wednesday that while people must still apply to run ads promoting cryptocurrency, the pre-approval requirements mentioned above were no longer in effect.

The company added that its review process factors in elements including licenses held by the company, whether it is traded on a public stock exchange (or it is a subsidiary of a public company) and other “relevant public background” on the business.

Also, beginning June 5, Facebook’s prohibited financial products and services policy will be updated to no longer permit ads for contracts for difference, which the company described as complex financial products often associated with predatory behavior.

Facebook wrote, “As with all ads on Facebook, we require the ad’s text, targeting, positioning, images and content on the landing page comply with this updated policy, as well as with all of our advertising policies and community standards. For example, an ad that directs to a landing page that features a restricted product, like a cryptocurrency exchange, will still require prior approval. Or, if the landing page includes a prohibited product, like an ICO, we will reject it.”

david.cohen@adweek.com David Cohen is editor of Adweek's Social Pro Daily.