Menlo Park (Web Desk): Facebook Facebook Inc has decided to allow certain ads promoting cryptocurrency and related content from pre-approved advertisers.
Facebook had in January banned ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices.
“We will 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,” Facebook’s product management director, Rob Leathern, said in a blog.
Advertisers are required to submit an application to Facebook beforehand if they want to run ads for cryptocurrency products and services so that Facebook can assess their eligibility, including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public backgrounds on their business.
Under these restrictions, not everyone who wants to advertise will be able to do so, Facebook said.
“But 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,” Leathern wrote.
Last month, Facebook established a new experimental blockchain group dedicated to the technology that powers cryptocurrencies like bitcoin.