Facebook is starting to accept cryptocurrency ads again, but only from pre-approved advertisers

Last January, Facebook announced that it would ban crypto-currency ads, claiming at the time that cryptocurrencies were "frequently associated with deceptive or misleading promotional practices." Now the company is backing up.

Starting today, Facebook will now allow certain ads to "promote crypto-currencies and related content." Advertisers must first submit an application, where they will have to provide a link to the domain of their website and provide additional information about their business, such as regulatory licenses that they hold and if their company is negotiated on a public purse.

Above: Some of the questions advertisers will have to answer in order to be allowed to run a cryptocurrency ad.

Image Credit: Capture Screen via Facebook

Advertisers must also accept the stipulations set out in the "Addendum Facebook Cryptocurrency Ads". The addendum states that "your eligibility to display cryptocurrency ads may be subject to conditions and restrictions that Facebook may determine, and may be withdrawn at any time with or without notice," and requires companies "to promptly provide Facebook any reasonable cooperation and assistance in the event of any regulatory investigation or legal action related in whole or in part to your use of Facebook. "

Companies are still prohibited from showing ads promoting binary options and initial offers on Facebook.

In a blog article exposing the changes, Facebook's product management director, Rob Leathern, pointed out that when Facebook initially announced its ban on cryptocurrency advertising in January, "we have also made it clear [at the time] that "this policy is intentionally broad as we work to better detect deceptive and misleading advertising practices".

Google and Twitter have announced that they will also ban ads promoting cryptocurrencies and related content. Google announced in March that its ban would be launched from June. A Google spokesman told VentureBeat in an e-mail that there would be "no change" in response to a VentureBeat question about whether Facebook's announcement would result in changes in Google's policy. The ban on Twitter started from March.

Facebook's revised position on crypto-currency ads also comes as it is still working on some points in its revised policy on political ads. In April, the company announced that it would begin to verify the identity of the directors of large pages and those who wanted to run political ads by asking them to send a copy of their credit card. identity and verify their mailing address.

The company also announced that any advertising on any of the 20 topics that Facebook considers "broadcast ads" will include "paid by" disclosure. All political ads paid by verified advertisers are also available to any user in Facebook's new political announcements center. Currently, the archives of political announcements are only available in the United States, but the company plans to deploy them soon in other countries.

The nonprofit press organ Pro Publica has recently found examples of about forty ads that should have been labeled "political ads" by Facebook, but that do not have it. Have not been. Facebook told Pro Publica and other outlets that "the implementation is never perfect at launch, but that's why we have processes in place for people and for advertisers help us improve. "

VentureBeat has contacted Facebook for more details on how it will enforce its new cryptocurrency advertising policy, as well as on Google and Twitter on how these changes may affect their position.

Updated at 15:00 with a response from Google.