Facebook Lifts Some Restrictions on Crypto and Blockchain Ads

Facebook has softened some restrictions on cryptocurrency and blockchain-related advertisements more than a year after its total ban.

In an amended policy revealed on Thursday, the social media company stated that ads pertaining to blockchain technology, crypto-related content or events, as well as industry news, will no longer need prior written approval.

Facebook added, however, that it will continue to prohibit ads pertaining to initial coin offerings (ICOs) or token sales, which are classified under its prohibited products.

Advertisements that support cryptocurrency and other related products, including crypto exchanges and mining software/hardware, must need to undergo a review process to get running on Facebook.

According to Facebook, “This process will continue to take into account licenses 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.”

The social media giant—which has 2.3 billion active monthly users as of March of this year—initially prohibited ads relating to bitcoin and ICOs in January 2018. Six months later, the firm somewhat softened the ban, letting particular types of firms to run their ads on the platform with prior approval.

The latest policy update comes following reports that the social media platform is working on its native digital currency. Facebook is purportedly in negotiations with companies, including MasterCard and Visa, to support and back the planned $1 billion stablecoin project called “Libra.”

The initiative is intended for the establishment of a cryptocurrency allowing the company’s billions of users to send money to each other and shop online. Finally, it looks like firms will be allowed to accept the stablecoin and then use it to pay for Facebook ads.