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Facebook Curbs Restrictions On Blockchain, Crypto-related Ads

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Facebook decided to limit certain restrictions on its prevailing ban on ads related to blockchain and cryptocurrencies. The decision comes amid speculation that the social media giant is preparing to announce its own cryptocurrency.

As per the updated advertising policies, advertisers no longer require pre-approval for ads related to blockchain technology, industry news, education, or events related to cryptocurrency.

Meanwhile, it will continue the ban on ads for initial coin offerings or ICOs and binary options.

In its post, Facebook said it will still require people to apply to run ads promoting cryptocurrency. The ad's text, targeting, positioning, images and content on the landing page need to comply with this updated policy.

The company said in a statement, "...people who want to promote cryptocurrency and closely related products, such as cryptocurrency exchanges and mining software and hardware, will still have to go through a review process. This process will continue to take into account licences they have obtained, whether they are traded on a public stock exchange (or are a subsidiary of a public company) and other relevant public background on their business."

Starting June 5, the company will update its Prohibited Financial Products and Services Policy to no longer allow ads promoting contracts for difference, complex financial products that are often associated with predatory behavior.

Facebook's initial ban on ads related to cryptocurrencies and initial coin offerings was in January 2018, following a sharp rise in ads for crypto-related investments. Many of these adverts were feared to be scams.

Later in June, the company decided to allow ads on cryptocurrency products and services with prior written approval.

Following Facebook's initial ban, Google, Twitter, and Snapchat all had banned such ads.

Meanwhile, Google in last August decided to allow regulated cryptocurrency exchanges to advertise in the United States and Japan.

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