Facebook, which prohibited cryptocurrency ads in January, is lifting its initial ban. The company is not completely reversing its initial decision, but is deciding to allow specific ads on the platform. Advertisers will, however, need to submit an advertisement form and the type of cryptocurrency content they will intend to promote.
According to Facebook’s Product Director, Rob Leathern, the company’s goal is to “prohibit 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. This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices… We will revisit this policy and how we enforce it as our signals improve.”
Leathern says that not all ads will be welcome. “We’ll listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time.”
Cryptocurrency Ads Application Form
This new form under the name Cryptocurrency Products and Services Onboarding Request, contains six questions.
The first question will be ‘why are you applying?’ Under this question, there are three options and you can choose to answer any of them. The first answer is “Cryptocurrency products and services,” the second is, “educating on cryptocurrency,” while the third is, “Cryptocurrency industry news.”
The second question will ask the advertisers whether they have a Facebook Ad Account Identity. On this form, those who do not have one will be have to create one before advertising.
The third question will be about the website domain and regulatory certificate the business holds. The question will also want information on whether the business is listed on a stock exchange.
The fourth question will ask for information about the business, like its home address, while the fifth one will ask for a description of the services and products offered.
In conclusion, the sixth question will require the applicant to accept the terms on the Facebook Cryptocurrency Ads Addendum. In addition, all advertisers will have to verify their domains associated with the application.