Facebook withdraws ban on crypto-currency ads

Will study blockchains more intensively for policy making

Facebook Inc seems to think the crypto craze is at least somewhat legitimate. The company started its own internal blockchain team earlier this year to explore the technology that’s used as the foundation for all cryptocurrencies.

It seemed likely that Facebook will take a hard look at crypto currencies in the process. However, it has decided to allow certain ads promoting crypto currency and related content from pre-approved advertisers, but would continue its ban on those tied to binary options and initial coin offerings.

The social media company had in January banned ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices.

“We will listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time,” product management director, Rob Leathern, said in a blog.

Now, advertisers that are approved by Facebook through an application process can promote crypto products, though ads promoting binary options and ICOs, initial coin offerings, are still banned.

Interested advertisers may have to show Facebook “licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business” in order to receive permission to run crypto ads.

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