As per the announcement, Facebook will still require that those wishing to advertise cryptocurrency-related products and services submit an approval request. However, a prominent feature of the new policy is that Facebook will no longer require “pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.”
While the company is set to relax that ban on the aforementioned type of ads, it noted that it will continue to ban ads for more risk-prone crypto ventures such as initial coin offerings (ICOs) and binary options.
Lastly, Facebook said it will still conduct a review process for advertisers who want to promote cryptocurrency and closely related products, such as cryptocurrency exchanges and mining software and hardware.
The platform will purportedly take into consideration matters such as licenses held by the business, whether they are publicly traded on a stock exchange and other relevant public information regarding the background of the company seeking ad placement.
Meanwhile, Facebook’s decision to relax its ban on cryptocurrency-related ads come at a time when media reports suggest that the social media giant is looking to launch its cryptocurrency. The rumored cryptocurrency will be a stablecoin according to reports and will facilitate WhatsApp money transfers.