Facebook will allow certain cryptocurrency-related ads to be run without requiring pre-approval according to the Facebook Business news blog. Photo: (AP Photo/Ben Margot, File)
DURBAN - Facebook will allow certain cryptocurrency-related ads to be run without requiring pre-approval according to the Facebook Business news blog. 

This comes after the social media company announced that in June 2018  they were updating their advertising policies to require written approval to advertise cryptocurrency  products and services on Facebook. 

In the statement, Facebook said that starting June 5 that they would be updating their Prohibited Financial Products and Services to not allow ads promoting contracts for difference (CFDs), complex financial products that are associated with predatory behaviour. 

However ads for initial coins offerings (ICOs) and ads for binary options will continue to be banned. 

For all of the ads on the social network, Facebook requires ad's text, targeting, positioning, images and content on the landing page comply with this updates policy as well as their Advertising Policies and Community Standards. 

According to the Facebook statement, people that want to promote cryptocurrency and closely related products like cryptocurrency products and mining software and hardware, will still have to go through the review process. 

The process will take into account licences they have obtained, if they are traded on the a public stock exchange (or a subsidiary of a public company) and other relevant public background on their business.

BUSINESS REPORT ONLINE