Facebook has reversed the ban on cryptocurrency ads. According to one of the latest update from the social media giant, there has been a move to review the policy and the platform would start allowing adverts promoting cryptocurrency and related content from pre-approved advertisers.
But ads that promote binary options and initial coin offerings are still banned on the platform. And as of June 26, 2018, Facebook has started making advertisers go through an application process to access eligibility.
The eligibility consideration includes whether the advertiser is a publicly traded company or has any relevant public background.
Rob Leathern, Product Management Director at Facebook, in the news update, affirmed that feedbacks would be welcomed and the company would continue to study the technology while also looking at how well the ad policy works and revise it, if necessary.
Will other Internet giants that have previously ban cryptocurrency ads join Facebook in reviewing their advertisement policy to accommodate it again?
Worthy of note is that the Central Bank of Nigeria (CBN) is yet to make a change on its stance about digital currencies, even in spite of the call by the House of Representatives on the apex bank and the Nigerian Deposit Insurance Commission (NDIC) to come up with a regulatory framework.
Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.