On 20th July, Brian Amstrong, the CEO of Coinbase, one of the biggest exchange platforms around the world, announced that they have been whitelisted to post ads on Facebook.
Brian Armstrong, on Twitter announced:
“Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system.”
On 31st January 2018, Facebook, the biggest social media platform around the world, released their New Ads Policy. The new policy stated that ads related to financial products which are frequently associated with misleading products like ICOs and cryptocurrencies would be banned from the social media platform.
On 26th June 2018, the platform revised the policy, and the ban on cryptocurrencies was lifted in the new policy. Nonetheless, according to the new policy, the social media giant’s ban on ICO ads still holds.
Moreover, for cryptocurrency related ads to be publicised on the platform, a pre-approval is required. The Product Management Director, Rob Leathern said that advertisers who want to run ads for cryptocurrency products and services should submit an application. The application is required to be submitted along with a document of any license or records on whether they have traded on a public stock exchange and the company’s public background record.
The approval of Coinbase ads on Facebook would result in more outreach of the platform and cryptocurrency, around the world. The ads would also be advertised on Instagram, Facebook Messenger, and Audience Network, a third-party company which places Facebook ads on various platforms.
Earlier this month, there was a speculation in the crypto-space that Facebook was considering the acquisition of Coinbase. The speculation took turns in the market after David Marcus, Head of Messenger announced that they have set up a small group who will be looking for the best way to leverage blockchain across Facebook.
Crypto Immortal, a Twitterati says:
“Wow that’s some lame special treatment. Your success is a self fulfilling prophecy of billionaires moving checker pieces on a board inaccessible to us plebs.”
Allmonitors.Net, another Twitterati says:
“Boss Facebook miss crypro train”
V H [not giving away broccoli], a Twitter user says:
“Why did facebook betray its decision? Greed cause crypto is rising again?”
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