Facebook to allow blockchain ads without prior approval

Facebook has announced that it has updated its policy to allow ads related to blockchain technology, industry news, education or events related to cryptocurrency without prior approval.

The announcement comes as the social media giant itself is making inroads into the blockchain and crypto space. The company launched its blockchain division last May and acquired the team behind blockchain startup Chainspace in February 2019. It is also reportedly working on “Facebook Coin” and seeking $1 billion in venture capital for the project.

In early 2018, Facebook banned promotional activities on initial coin offerings (ICOs) and cryptocurrencies. However, by mid-2018 it revised the policy to allow cryptocurrency ads on its platform with prior written approval.

In its latest update, Facebook said:

“[W]e've listened to feedback and assessed the policy's effectiveness. While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.”

It further explained that such ads that direct to a landing page featuring a restricted product, such as a cryptocurrency exchange, will still require prior approval. Importantly, the ban on ads relating to ICOs still remains in place, Facebook said, adding:

“[I]f the landing page includes a prohibited product, such as an initial coin offering (ICO), we will reject it.”

These measures, the company said, are aimed at “preventing misleading advertising on our platforms, especially in the area of financial products and services.” As such, people wishing to promote cryptocurrency and closely related products will have to go through a review process, which will take into account the licences obtained by the business, whether they are traded on a public stock exchange and other relevant information.