Facebook banned cryptocurrency-related Ads, including Initial Coin Offering (ICO) on the social media platform on January 30, 2018.
In May of the same year, we noticed ads by COTI, which is an enterprise-grade fintech platform that digitizes any currency to save time and money, binomo, and other ads by Qryptos Exchange, which is now known as Liquid Global.
The social media would later announce that it allowed such ads to run on its platform, but that didn’t last for up to a year.
And beginning on December 1, 2021, it came up with elaborate regulations allowing crypto ads to run on the social media platform.
Why did Facebook Ban Crypto Ads in 2018?
- Mark Zukerberg-led Facebook team initially banned crypto ads amid fears that it could be used to promote fraudulent activities.
- To avoid deceptive and misleading advertising practices.
What Should I Know About Running Crypto Ads on Facebook?
With Facebook’s December 2021 announcement allowing crypto ads, here is all you need to know to before promoting cryptocurrency advertisements to reach the social media’s over 3 billion monthly users:
- You will have to submit and fill onboarding request form to promote crypto products such as trading platforms, and software among others. This form will give Facebook an insight into the kind of crypto product you are trying to promote.
- Submission of the onboarding request form is not a guarantee that your crypto ads will be accepted. Facebook still reserves the right to accept, reject, or withdraw such applications, especially when it feels that such ads violate its advertising policies.
- There is no exception to Meta’s Advertising Policies.
- You need to provide a copy of your company’s registration licence, which must be in English, IF NOT, you will to provide a notarized official translation in English.
- You will also have to provide the domain name where that can be used to verify your regulatory certification.
- To get the status of your application, you will need to provide a valid email address.
- You need to provide a summary of the crypto products you intend to promote.
- You can begin your crypto ads after passing the eligibility criteria.
Caution:
Whenever you come across any of these ads on Facebook, take your time to dig more into the profile of the crypto trading platform before you invest.
Don’t solemnly rely on Facebook Ads Policy because they “are subject to change at any time without notice,” just as we’ve seen.
What this means to crypto Advertisers
This means that emerging coins will be able to reach out to billions of users on social media. Facebook remains one of the biggest platforms to promote a product considering its number of monthly users.
And we did point out in one of our previous posts that banning Bitcoin might not necessarily have a significant negative effect on Bitcoin considering its acceptability among all crypto.
We also pointed out that Facebook might be the loser since the campaign for Bitcoin and ICO will continue through sponsored posts on popular blogs and websites.
It looks like Facebook has realised that. But it’s now playing smart with its crypto ads, going by its reviewed policies.
What’s your take on Facebook re-accepting Cryptocurrency Ads and promotion on its platform?