After a considerably successful attempt at prohibiting fraudulent cryptocurrency adverts on its widely used social media platform, Facebook has loosened its constraints.
THE BAN ON CRYPTO
On January 30, 2018, Facebook made its bid to prohibit all adverts related to cryptocurrency on its networking platform to try to prevent ignorant Facebook users from falling prey to several, prevalent scams in the industry.
Rob Leathern, Product Management Director at Facebook, told media:
“We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”
Other major advertisers like Google, Twitter and Snapchat were prompt to follow suit and participated in the anti-crypto movement by banning cryptocurrency adverts across their networks as well, providing the same reasons as Facebook.
However, the attempts made by these major corporations were not very effective as shrewd cryptocurrency advertisers managed to still sneak their promotions onto the aforementioned platforms by tweaking the way they spelled common keywords which is a strategy utilised often by malware developers. Yet, the world still witnessed a drop in the phony ICO ads appearing in their network feeds.
The abrupt ban worked as it blocked out many of the con artists, but it also prevented legitimate cryptocurrency businesses like Gemini and Coinbase from taking part in 70% of the world’s digital ad market. As such, these businesses were left with a handful of options to promote their services. Microsoft-owned search engine, Bing, was the largest advertising network that still allowed cryptocurrency businesses to use them to promote themselves. However, Bing has recently announced a plan to restrict ads related to cryptocurrency.
NEVERMIND, WE’RE COOL WITH IT
At present, it looks like Facebook has decided to ease its strictness when it comes to banning cryptocurrency ads as it is allowing some pre-approved advertisers to advertise its campaigns related to cryptocurrency again. This enables legitimate cryptocurrency businesses and services, like exchanges, to be advertised while services heavily associated with scams, like ICOs and binary options, will still be prohibited.
Despite the gut-wrenching price correction in early 2018, cryptocurrency still remains a widely favoured and developing industry with various potential advertisers to benefit from. All in all, if Facebook can inhibit its users from being victims of scams, they will be more than glad to welcome crypto-related ad revenue.
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