Facebook backs down on crypto advertising ban
The social media giant is now pro-crypto once again
Facebook yanked cryptocurrency ads from its platform early last year, arguing that the instability and fraud found in the digital currency space was taking a toll on consumers. As such, the social media giant recognized its responsibility to consumers and took action to ensure, just like with all of its activities, that the consumers’ best interests were protected (there’s more than a little sarcasm hidden in that message). Now, the company has decided that it is pro-crypto and has lifted the ban on all crypto and blockchain ads. It’s funny how this occurs just months ahead of the supposed launch of its own cryptocurrency token.
According to a statement published by Facebook, “Starting 5 June, we will update our Prohibited Financial Products and Services Policy to no longer allow ads promoting contracts for difference [CFDs], complex financial products that are often associated with predatory behaviour. These products, due to their complexity, often mislead people.”
However, the announcement also states, “These products, due to their complexity, often mislead people. We’ll also continue to ban ads for initial coin offerings (ICOs) as well as ads for binary options.”
There have been rumors of a new “Facebook Coin” coming for a while, but those rumors have picked up steam in the past couple of months. The company has brought in a lot of financial and blockchain experts without giving much information on what it was doing, but there has also been information from sources within the company that verify the crypto project and Facebook is reportedly now looking for as much as $1 billion in venture capital to support its endeavor.
One can only hope that Facebook is able to manage its blockchain solution better than it has managed everything else it has touched.