Facebook loosens its grip on crypto-related ads
It seems that Facebook is intending to change its attitude to the blockchain industry, becoming more crypto friendly. Recently the company has appointed its first Director of Engineering for Blockchain, following the ease on a ban of crypto ads, and yesterday, July 20th, the CEO of Coinbase announced that the platform was given permission to display ads on the largest social media in the world.
Facebook takes an expample from goverment license and made the ads availible for fair crypto projects
Brian Armstrong posted the news on his Twitter account:
“Facebook banned ads for crypto earlier this year. Proud to say we've now been whitelisted and are back introducing more people to an open financial system.”
This can definitely be considered as a big step toward a great upswing of the cryptomarket, as Facebook is a large marketplace for advertising, use of which can bring a huge amount of investments in the industry. All adds, related to cryptocurrencies, blockchain technology or ICOs, were banned by the network in this January, soon after Bitcoin’s explosion in price and popularity. Shortly other media giants, including Google and Twitter, followed the example.
The main reason for the blacklisting was the constantly increasing amount of crypto companies, due to which it was extremely hard to filter legitimate companies from scams. But the government is obviously taking the political course on supporting blockchain and cryptos, improving a regulatory framework, and Facebook decided to do the same. Back in June, the platform started to accept crypto ads again and reverted the policy.
As claimed, Facebook will fact-check all the crypto-related content and regularly review it, making sure the advertised projects are not scams. To apply, companies will have to post a lot of information about it and, of course, be absolutely legitimate.