[2018-06-26] Facebook is reversing its ban on some cryptocurrency ads

[bL4nkcode]

Facebook is reversing its ban on cryptocurrency advertisements and will now allow some preapproved advertisers to promote crypto businesses and services, like exchanges.

Facebook banned all crypto ads on the service back in January, around the height of the bitcoin price surge, to prevent people from promoting “financial products and services frequently associated with misleading or deceptive promotional practices.”

Now, advertisers that are approved by Facebook through an application process can promote crypto products, though ads promoting binary options and ICOs, initial coin offerings, are still banned. Interested advertisers may have to show Facebook “licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business” in order to receive permission to run crypto ads.

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 mad dash by consumers who wanted in on the craze, and some shady businesses were trying to capitalize by promoting scams, hence the ban by Facebook. Others like Google, Twitter and Snapchat also banned crypto ads.

But crypto still has a lot of believers, and it easy to see why Facebook wants to sell crypto ads: It’s a growing, exciting industry with a lot of potential advertisers. So long as Facebook’s users aren’t getting scammed, the company would certainly love to take on the extra ad revenue.

Plus, Facebook seems to think the crypto craze is at least somewhat legit. The company started its own internal blockchain team earlier this year to explore the technology that’s used as the foundation for all cryptocurrencies. It seems likely that Facebook will take a hard look at cryptocurrencies in the process.

Source: https://www.recode.net/2018/6/26/17505876/facebook-cryptocurrency-ads-bitcoin-ico-ban-reversed


This is really a good news I hope google adsense will also follow or even twitter for their ban of crypto advertising. This news has a huge effect and even the price dropped when the ban was announced, and now its been reversing their decision I hope the market will respond and price will back where it came from even in just 10k  

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[darkangel11]

I think someone had to pull some serious strings to make them change their mind. Or maybe it was group effort?
What I don't like is the author of the article calling crypto market a bubble that has "declined". There's no bubble! A bubble suggests that this market is full of empty promises and will end up popping and disappearing, and we all know that it isn't so. I'd like to see that disrespectful prick's face in a year or two.

[bbc.reporter]

@darkangel11. Or maybe some Facebook executives have investments in the cryptospace and they are giving favors to those projects they have interests in hehehe.

[felixesteban]

This is a good news that will affect the recovery of the bad situation in the market. We have recently been hearing ban and hacking news, we need positive and good ones. I hope this decision taken by a large company like Facebook will be an example for other companies.

[orions.belt19]

I think someone had to pull some serious strings to make them change their mind. Or maybe it was group effort?
What I don't like is the author of the article calling crypto market a bubble that has "declined". There's no bubble! A bubble suggests that this market is full of empty promises and will end up popping and disappearing, and we all know that it isn't so. I'd like to see that disrespectful prick's face in a year or two.

Or maybe Facebook just wanted to gain some revenue. Despite the risks, it’s obvious that there’s some serious $$$ in crypto and they wouldn’t want to miss out on that. Whoever has convinced them otherwise must have said that having crypto ads would generate more income.

I’d have to agree that the author has been wrong to describe that the crypto market is now in a ‘decline’. Why else would crypto still be alive today if the market is declining? No one would invest on something that’s declining. He obviously does not know much about the crypto market nor what a bear trend is.

[Lucius]

Facebook is just going in the right direction with this move, they will allow advertising only to companies that have licenses to work with cryptcurrency and they will need to pass verification and get approval. ICO is still forbidden and this is good, too much scams in that sector and it is better for any advertisers to stay away from it. Twitter and Google will surely observe how this situation is developing, and maybe adopt a similar decision in the future.

In general this would be good for BTC and other coins, when something is forbidden on such influential services certainly sends a negative message to each potential investor. Problem of bad ads can be solved just by employment of educated people who will be able to distinguish bad from good ads.

[Proton2233]

No one in this and not doubted. Only an idiot would give up money. Zuckerberg felt like a God. But he forgot that Facebook has other shareholders who want to make a profit. I heard that now the likelihood is that Zuckerberg will leave Facebook at all. He must have overestimated his importance.

[cuongdola211091]

While we live in a highly technological world and invest in so many inventions, we still did not have one for investing itself. i think dự án will reshape the way capital works, but it is very likely to become a major player in the investments industry, and it definitely will initiate the transformation process for ICOs. 

[Kemarit]

Or maybe Facebook knows that they can't really stop this 100% that's why they somewhat allow some crypto ads though you have to apply for it. So its a win-win situation for both sides, Facebook gaining revenues, while legit ICO has one of the best platform to expose their project and hope that they can make it big time, they have suffered the most since social media bans crypto ads and legit projects scramble to find ways to promote their project and sadly some of them didn't took off because of less exposure.

[buwaytress]

Or maybe Facebook knows that they can't really stop this 100% that's why they somewhat allow some crypto ads though you have to apply for it. So its a win-win situation for both sides, Facebook gaining revenues, while legit ICO has one of the best platform to expose their project and hope that they can make it big time, they have suffered the most since social media bans crypto ads and legit projects scramble to find ways to promote their project and sadly some of them didn't took off because of less exposure.

Exactly. Bans just cut out revenue, and scammy projects found their way around the bans with the same scammy guerrilla marketing tactics (spell crypto with a zero, for example). End of the day, Facebook wants to maximise revenue.

I wouldn't place any extra confidence in anything advertised on FB, though. All it proves to me is that the project is willing to spend money on social media advertising. Doesn't lend an ounce of legitimacy to me.

[Harlot]

As expected, previously I have said that they are shutting down one kind of revenue stream by banning all cryptocurrency related ads. They now know that cryptocurrencies are another potential market for their users and by doing so they can generate more money just by placing their ads. I do think that this will improve still as cryptocurrencies are having another look and if things get ckear legally we may soon see a lot of new crypto related ads in Facebook.

[Hamphser]

I think someone had to pull some serious strings to make them change their mind. Or maybe it was group effort?
What I don't like is the author of the article calling crypto market a bubble that has "declined". There's no bubble! A bubble suggests that this market is full of empty promises and will end up popping and disappearing, and we all know that it isn't so. I'd like to see that disrespectful prick's face in a year or two.

Nothing to be surprised, for those people who havent so much knowledge about crypto and just going with the flow would definitely say up these things and for us who are knowledgeable would just got pissed because we do know this thing isnt true.

@darkangel11. Or maybe some Facebook executives have investments in the cryptospace and they are giving favors to those projects they have interests in hehehe.

Think up the same way too which there are might some facebook executives do heavily invested on crypto thats why they do revert such decisions on banning on crypto ads.This is the nearest thing that i presume on whats the reason on such decision.

[Maymun_lavigne]

Facebook allows cryptocurrencies to once again be advertised, while keeping its ban on the promotion of ICOs and binary options.
this is a good news for cryptocurrency , but why Facebook ban ads ICO ?
Whats wrong about ICO project ?

https://cointelegraph.com/news/facebook-reverses-ban-on-cryptocurrency-ads-maintains-ban-on-icos/

https://twitter.com/Cointelegraph/status/1011690871476178944?s=19

[Slow death]

so he realized that he needs money. he treated crypto as if it were a world of criminals, he should have apologized for his stance

Zuckerberg felt like a God. But he forgot that Facebook has other shareholders who want to make a profit.

well, not all companies that are related to crypto are dishonest or commit criminal acts so he was associating all crypto world with crime

I heard that now the likelihood is that Zuckerberg will leave Facebook at all.

I very much doubt that he will drop the bone so easily.

[vit05]

They should just ban scam projects. And it is not so hard to know when something is just a scam attempt. There is a ton of them. But at least exchanges should be able to use Facebook to promote their services.

[TrumpD]

This is a huge win more for Facebook than the crypto investors of late last year/early this year. Facebook led the battle for social media ban, and this drove prices down. I am very positive that they have taken the advantage to amass some crytopcurrencies for themselves at a cheaper price. The article in itself said that they have gotten a blockchain team. Now they will gain double from increase in crytpo prices, and revenue from crytpo ads on their platform. What they will use to camouflage, this is the argument that they are only taking in legit crypto projects, and this protects investors. On the part of investors, this is a good lesson for the to learn for not HODL-ing and panick selling earlier this year. Because we are about to see some turn around for the positive with this news. 

[bbc.reporter]

I think someone had to pull some serious strings to make them change their mind. Or maybe it was group effort?
What I don't like is the author of the article calling crypto market a bubble that has "declined". There's no bubble! A bubble suggests that this market is full of empty promises and will end up popping and disappearing, and we all know that it isn't so. I'd like to see that disrespectful prick's face in a year or two.

Nothing to be surprised, for those people who havent so much knowledge about crypto and just going with the flow would definitely say up these things and for us who are knowledgeable would just got pissed because we do know this thing isnt true.

@darkangel11. Or maybe some Facebook executives have investments in the cryptospace and they are giving favors to those projects they have interests in hehehe.

Think up the same way too which there are might some facebook executives do heavily invested on crypto thats why they do revert such decisions on banning on crypto ads.This is the nearest thing that i presume on whats the reason on such decision.

I reckon it might also be because Facebook is developing their secret cryptocoin project. It would make them look bad if they block everyone and they the only one allowed to advertise their altcoin hehehe.

[entrepmind23]

They should just ban scam projects. And it is not so hard to know when something is just a scam attempt. There is a ton of them. But at least exchanges should be able to use Facebook to promote their services.

They can at least reduce or even totally eliminate the promotion of crypto projects that are scam because they require the advertiser to show some proof first that they are legit company and investing on them would be beneficial to the investors. Facebook doesn't want to be called out again because of an issue.

This would be a good sign that other sites that ban the crypto advertisement before would eventually reverse their decision like twitter and google and then cryptocurrency would have more exposure again. Crypto prices take a hit before because of these bans so I believe that this reverse decision would help to augment the price and volume and make people become interested in cryptocurrency again.

[Compiler]

Its good notice, this position is now the right one, not the one that was launched a few months. But maybe it refers more to classic financial services. The problem is that many ICOs actually turn into scams, and this is too bad.

[Taki]

Whats wrong about ICO project ?

I think it's obvious, there are a lot of scam ICO and Facebook is try h to protect themselves from different kind of complaining which are always follow after some of us were scammed. I do not think that Facebook is following any other target besides this one.