Facebook backtracks on cryptocurrency ads ban

The tech giant explains that cryptocurrency ads will have to be pre-approved before going live. Facebook’s ban was mimicked earlier this year by Google, Twitter and Snapchat, all who have not yet reversed their prohibitions on crypto advertisement.

With the reversal, advertisers will be required to submit an application that includes licensing information and whether the relevant cryptocurrency is publicly traded. “Given these restrictions, not everyone who wants to advertise will be able to do so,” Facebook Product Manager Rob Leathern says. “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.”

Earlier this year, Facebook announced its own blockchain technology research and development team and, according to unnamed insiders, will likely take a hard look at cryptocurrencies.