Earlier in January 2018, Facebook banned promotions around cryptocurrency, binary options, and initial coin offerings in order to improve the integrity and security of Facebook Ads. The policy was applied to all ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices. The motive was to make it harder for scammers to profit from a presence on Facebook. Since the Cambridge Analytica crisis, Facebook has been repeatedly criticized for not adequately preventing people from misusing its ad platform. Therefore, Facebook on continuous basis reviewing its ad policies as well as refining its ad-targeting capabilities and limiting the amount of user data available to apps. The policy was designed with a purpose to span ads running on Facebook, as well as Facebook-owned platforms such as Instagram and its Audience Network ad network of third-party sites and apps.
Now, Facebook has removed the ban and made few changes in the policy. It has opened the doors to allow ads promoting cryptocurrency and related products, reversing a decision that been made in January to prohibit such ads. Though Facebook has revised its policy only for those advertisers who have been pre-approved by Facebook to run the Ads. Currently, the changes have only made for the promotion of cryptocurrency only, ads for binary options and initial coin offerings are still banned. Other advertisers who want to run ads for cryptocurrency need to submit an application to Facebook, to access the eligibility.Important: The advertisers need to submit the following; including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public backgrounds on their business, confirmed by Facebook’s product management director, Rob Leathern, on the Facebook business blog.Facebook has been working on lately to revise and improve advertising policies in order to ensure that ads are safe. And, its safe to allow advertisers promoting cryptocurrency as long as they are vetted via Facebook’s application process.Also, Facebook is ready to accept the suggestion and further changes required to improve their policies. They will listen to the feedback to get an overview of how this policy works and continue to revise the policies to provide the better user experience overall.
More Facebook Updates:
Facebook has also changed the ad policy, limiting ad targeting to users age 18 and older.
It has also updated its political and issue-based ad policies where any advertisers paying for political or issue-based ads need to be verified by the platform.
Facebook’s new Custom Audience Permission Tool will require user consent confirmation to display their ads in the News Feed. The Advertisers can manage their Custom Audience List however they need to specify the origin of the audience’s information while uploading a Custom Audience List, begin from July 2.
The users can choose the advertisers whose ads they want to view in their News Feed and why they are seeing those ads. After accepting the new update, they can even manage the visibility of ads or advertisers under the Facebook Settings.