Facebook eases ban on cryptocurrency ads

Facebook is easing its ban on cryptocurrency related advertisements, though it said on Tuesday that ads for things like initial coin offerings (ICOs) will still not be welcome on its platform.

The social media giant says that it will now allow some cryptocurrency-related ads from pre-approved advertisers that go through its application process. Posts promoting binary options which are often associated with cryptocurrency scams will still be banned.

{mosads}”Given these restrictions, not everyone who wants to advertise will be able to do so,” Facebook product manager Rob Leathern wrote in a company’s blog post. “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.”

Facebook originally created the policy at the height of the cryptocurrency boom in January when there was a corresponding uptick in scams related to cryptocurrencies and ICOs.

After the price of Bitcoin shot up to over $19,000 in December, it has since receded, falling down to around $6,000, where it’s trading at now.

The Securities and Exchange Commission has also made it a point to thwart ICO scams and has pursued enforcement action against a number of fraudulent cryptocurrency schemes this year.