Facebook yesterday pulled a surprise when they announced a reversal of their ban on cryptocurrency-related adverts. The decision to reverse the policy is to take immediate effect. The social media giant issued a ban on cryptocurrency and ICO related ads earlier in January this year, but it seems the company has either seen the itself missing out on innovation or ad revenue or both.
The company indicates that it will allow crypto-ads that have been pre-approved by some known and designated advisors to run on its platform. Facebook when instituting the ban indicated that it aimed to reduce incidences of cryptocurrency scams that seemed to permeate its ad space at the time. “This new policy will improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook” the company said.
It however made it known that policy was not cast in stone and there was a chance of a revision as their ability to prune and sort out genuine ads from fraudulent ones improves. And it seems just six months after the ban, the social media leader has found the need to reverse it, possibly due to improved ability to detect scam ads.
One measure Facebook will put in place will be to go through each application process to determine their credibility. The Social Media company aims to include requirements such as asking advertisers to include licences and certificates they may have obtained. They may also check to see if the company in question is publicly traded or not.
The exact modus operandi for the above-mentioned still remains unclear and the level of ad scrutiny is still yet to be tested as it has been less than 24 hours since the policy change was announced. Additionally, it is not clear if this will extend beyond the scope of cryptocurrency ads to those of other industries and sectors.