Facebook Changed Its Blockchain and Crypto Ad Publishing Policy

Last Modified:21 May 2019 13:38:34
Facebook Changed Its Blockchain and Crypto Ad Publishing Policy

It has been more than a year since Facebook banned the publishing of ads about Blockchain and cryptocurrencies on Facebook. In the new ad policies of Facebook that were published on May 8, ads whose content is about the Blockchain technology, the news in the industry, educational content and its related events no longer need to get confirmation prior to publishing. Yet, the ads related to the sale of token and ICO will still be in the banned items list of this company. From the other hand, advertising buying and selling centers and mining software and hardware still need to go through the confirmation process in order to be published.

The Facebook social network, until the end of March of 2019, had an average of 2.38 billion monthly active users. In January of last year, it banned the ads that contained Bitcoin and ICO. Rob Leathern, production manager at Facebook, announced in a blog post last year that the aim of this new policy by Facebook was to avoid the publishing of defrauding and scamming ads. Also, Leathern announced last year that this policy would be enforced about other services under the ownership of Facebook such as Instagram and there is no specific time window set for it, and it could change in the future.

After enforcing this restricting policy, Facebook announced that some companies could be allowed to publish ads about Blockchain and cryptocurrencies in case they qualify. For instance, one of the criteria for qualification was having the necessary permits for activity in this field from legal authorities. Yet, the publishing of ads about ICO was not banned.

The new policy of Facebook is released at the time that it is trying to develop a project called Libra. The aim of launching project Libra was to provide the possibility of Facebook users to transfer money between themselves and paying for the cost of buying ads on Facebook. In this project, the Libra stablecoin will be released backed by national money. It is said that Libra will provide payment services with zero fee. Experts think that this can make banks and payment systems be faced with the challenge of competing. According to published news, the Libra project will, for the first time, be run on the WhatsApp application in India. WhatsApp was bought by Facebook in 2014. Facebook launched its Blockchain section in May 2018 and has employed a group of experts in this team.