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Facebook Eases Ban on Cryptocurrency Related Ads

But the company will continue to block any ads that promote binary options and initial coin offerings

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Facebook tightens noose around fake accounts. Pixabay
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Facebook said on Tuesday that it is taking steps to ease a January policy banning financial products and services associated with cryptocurrency.

Rob Leathern, Product Management Director at Facebook, said in an official blog post that the world’s largest social media network has “looked at the best way to refine this policy — to allow some ads while also working to ensure that they’re safe.”

Facebook announced a broad policy in January this year which prohibited “ads 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”.

The policy, which even stopped legitimate businesses from buying advertisements, aimed to better detect what Facebook called deceptive promotional practices by many companies advertised binary options and cryptocurrencies without good faith, Xinhua reported.

Leathern announced that starting June 26, Facebook will be updating its “policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers”.

Representational image.
Representational image. Pixabay

But the company will continue to block any ads that promote binary options and initial coin offerings, he said.

Advertisers are required to submit an application to Facebook before hand if they want to run ads for cryptocurrency products and services, so that Facebook can assess their eligibility, including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business.

Under these restrictions, not everyone who wants to advertise will be able to do so, Facebook said.

Also Read: Facebook Hires A Team To Find Troubles Before They Arise

“But we’ll 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,” Leathern wrote.

Last month, Facebook established a new experimental blockchain group dedicated to the technology that powers cryptocurrencies like bitcoin. (IANS)

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Facebook Denies Reports About Marc Zuckerburg’s Indifference Towards Publishers

Facebook said it is also working with publishers across the US and Europe to test support for subscriptions in "Instant Articles".

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Facebook refutes report 'Zuckerberg doesn't care about publishers'. Pixabay

Facebook has denied a media report that cited one of its senior executives as saying that Mark Zuckerberg doesn’t care about publishers.

The Australian on Monday reported that in a meeting with Australian media executives, Facebook’s Head of News Partnerships Campbell Brown said: “Mark Zuckerberg doesn’t care about publishers but is giving me a lot of leeway and concessions to make these changes”.

Brown reportedly said that publishers who choose not to work with Facebook will wind up in a dying business.

“Facebook said the remarks were inaccurate and taken out of context,” Fortune reported.

Facebook's CEO Mark Zuckerberg, May 23, 2018. VOA
Facebook’s CEO Mark Zuckerberg. VOA

The Australian claimed the story was based on information from five people present at the meeting with Brown who requested anonymity.

Earlier in August, Facebook announced to invest an additional $4.5 million towards helping the publishing industry globally.

The social media giant, that reported more than $5 billion in profit in the second quarter this year, said it will give $3.5 million towards “Facebook Membership Accelerator”, a three-month pilot programme designed to help publishers with membership models.

“We are going to continue to coach the group of metro news publishers from the pilot programme through the end of this year, and we will reconvene with them in 2019 to focus on subscriber retention,” Brown said in a blog post.

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Facebook said it is also working with publishers across the US and Europe.(IANS)

Facebook also announced to contribute $1 million to the 2018 “NewsMatch” campaign which matches individual donations to more than 100 non-profit newsrooms around the country.

Also Read: Slow Disclosure of Tesla Raising Governance, Social Media Concerns

Facebook said it is also working with publishers across the US and Europe to test support for subscriptions in “Instant Articles”.

“Moving forward, we’ll also be exploring ways to support emerging models like membership directly on Facebook,” said Brown. (IANS)