Facebook reverses ban on cryptocurrency ads

Facebook updated its advertising policy to once again allow cryptocurrency-related ads.

Facebook announced in a blog post today that it will once again allow advertising related to cryptocurrency and blockchain.

Previously, only a limited number of pre-approved advertisers were permitted to run crypto-related ads.

"While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency," said the social media website.

To combat the sudden explosion of dubious advertisements on the platform, in January of 2018 following the peak of the market, Facebook announced a new policy which outright banned cryptocurrency ads, saying that these ads were frequently "Misleading or deceptive".

Facebook was not the only company to combat crypto ads.

Google banned cryptocurrency ads in March of 2018, a few months after Facebook's decision.

In June of 2018, Facebook loosened its policy to allow for crypto-related ads from select pre-approved advertisers.

Although cryptocurrency ads are once again permitted on Facebook, advertisements for initial coin offerings will still be rejected.

If history proves accurate, Google may follow Facebook's lead and once again allow cryptocurrency advertising.