When Facebook announced a blanket ban on crypto-related ads back in January 2018, the social media giant promised that the new policy would be revisited once the company improved its efforts to “detect deceptive and misleading advertising practices.” The company announced on Tuesday that it is now ready to once again allow ads for cryptocurrency-related content. Advertisers will need to obtain approval from the company, and certain ads – like those for initial coin offerings – will continue to be banned.
According to a post on the company’s website, Facebook’s updated policy will require would-be advertisers to submit certain information as part of the approval process:
“Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us assess their eligibility — including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business.”
The announcement noted that this restrictive application process will necessarily prevent some advertisers from placing ad content on the Facebook platform. However, the company indicated that the policy may again be revised as needed, as Facebook monitors and evaluates the impact of this latest policy revision.