INTERNATIONAL - Facebook Inc decided to allow certain ads promoting cryptocurrency and related content from pre-approved advertisers, but would continue its ban on those tied to binary options and initial coin offerings.
Facebook had in January banned ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices.
“We will 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,” Facebook’s product management director, Rob Leathern, said in a blog.
Facebook has banned adverts that, “Promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”
When the ban was made, the company said that the policy is part of an ongoing effort to improve the integrity and security of their ads.
The price of Bitcoin has declined since late 2017, when the price of bitcoin was close to $20,000 (R271 962.00). This morning, it’s just above $6,000 (R 81 588.60) per coin.
Facebook shares, which have gained 12% this year, rose less than 1% to $198.25 at 3:02 p.m. in New York.