Cryptocurrency took a dive earlier this year due to many reasons, and one of them may be the ban of cryptocurrency ads by Facebook. That happened sometime at the end of January or the start of February this year (2018).
The extent of a damage is not quantifiable and there’s no way to know for sure whether the ban resulted in the drop of cryptocurrency prices. It may have been due to hacked exchanges in Japan or raids in Korea. Perhaps it was just because cryptocurrency prices were way too high and was not sustainable.
However, earlier yesterday, Facebook announced a reversal of its ban against cryptocurrency ads. Surprisingly (or not), it didn’t affect the prices of cryptocurrency (or barely did).
Are all cryptocurrency ads now allowed on Facebook?
This is what they said in their article:
So starting June 26, we’ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.
From the wordings, it seems that cryptocurrency ads are generally allowed with big exceptions like ICOs and binary options. It’s actually a good move to stop those ICO related ads, because many of them are actually scams.
However, there are also ICOs that are genuinely good, albeit only a smaller minority. There’s no way to filter the good from the bad apart from manual reviews, so we’ll see if they actually allow some of the legitimate ICOs to advertise.
Why the reversal of ban of cryptocurrency ads by Facebook?
There are a couple of speculations on why Facebook has decided to reverse its ban on such ads. One is of course, that Facebook recognizes not all ads are scammy or bad for its users.
If that’s the true reason, then it’s a good move for them.
On the other hand, some Redditors might say that Facebook might as well create their own tokens, and this move is just the first step for them.
We’ll never know for now if we’ll see a Zuckerberg token anytime soon.