Facebook is partially reversing its ban on cryptocurrency advertisements and will now allow some preapproved advertisers to promote crypto businesses and services. Facebook had banned all crypto ads on the platform back in January, around the time of the bitcoin price surge, to prevent promotion of “financial products and services frequently associated with misleading or deceptive promotional practices.” Now, advertisers have to go through an application process to be able to promote crypto products, though ads promoting binary options and initial coin offerings (ICOs) are still banned. Interested advertisers are now required to show Facebook “licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public backgrounds on their business” in order to receive permission to run crypto ads. On the application to advertise crypto ads, Facebook mentions that it will allow for advertisements that come within the ambit of the following: cryptocurrency products and services, education on cryptocurrency, cryptocurrency industry news and other content related to cryptocurrency products and services. The crypto bubble has declined considerably since late 2017 when the price of bitcoin was close to $20,000. (This morning, it’s just above $6,000 per coin.) That sudden rise in crypto created a rush by customers wanted to buy bitcoin. Soon enough, ads appeared by Facebook promoting bitcoin promising inflate cryptocurrency values within hours, Facebook followed through and banned all crypto ads. It stated that the ad ban "is intentionally broad while we work to better detect deceptive and misleading advertising" and that it…
