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Facebook reverses cryptocurrency ad ban amid moves to build its own

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By John Glenday, Reporter

May 9, 2019 | 2 min read

Facebook has had a change of heart on cryptocurrency advertisements. After it partially reversed a prior ban, it is now gearing up efforts to capitalise on Blockchain technology for its own ends.

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Facebook reverses cryptocurrency ad ban amid moves to build its own

The modulated policy will allow businesses operating in the cryptocurrency sphere to promote their work directly on Facebook’s social channels, despite prior fears that this could open a backdoor for scammers seeking access to its audiences.

From January 2018 all ads promoting cryptocurrencies and initial coin offerings were blocked by the platform in response to these concerns, although this was partially undone in June when it began allowing advertisers back on the proviso that they received prior written approval.

Now restrictions have been loosened still further to allow many forms of related advertising without any requirement to seek approval.

Justifying its loosened policy Facebook published a blog post stating: “We've listened to feedback and assessed the policy's effectiveness. 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."

Facebook is believed to be in the process of developing its own Blockchain project that would enable WhatsApp members to undertake cryptocurrency payments.

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