Facebook Eases Its Ban On Ads For Cryptocurrencies

Online platform Facebook declared about amendments regarding its ban on ads for cryptocurrencies such as Bitcoin.

Such a movement appeared only five months when the major social network mentioned it was prohibiting any ads about the cryptocurrencies in a bid to restrain rapid frauds.

Simplifying its regulations, Facebook mentioned that in order to put ads for analogous virtual currencies, firms would currently require to be pre-adopted or suggest documents demonstrating they had certificates or permits which were traded on a social exchange.

Facebook Product Management Director Rob Leathern indicated in a report: “Given the restrictions, not everyone who wants to advertise will be able to do so.”

In fact initial coin offerings (ICO) — used by some startups to increase billions of dollars — still won’t be able to advertise on Facebook.

Online platforms started spreading on ads for crypto-associated industries some time ago over fraud in the rapidly developing and highly unregulated sector where currencies can observe large twisting.

Previously this year, the US Securities and Exchange Commission stopped an initial coin offering (ICO) by a Texas company named AriseBank. The latter was charged of using celebrity supporters such as boxer Evander Holyfield and social media to scam investors out of $600 million (€515 million).