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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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LinkedIn faced probe for Facebook ads targeting 18 mn non-members. Pixabay

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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Local News Dry up for Facebook Media Project in US

In January this year, the Facebook Journalism Project announced to invest $300 million in local newsrooms

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A photo shows the Facebook app icon on an iPhone in New York, Feb. 19, 2014. VOA

Facebook is having trouble finding enough local news to feed its new journalism initiative, because hundreds of newspapers have shut down in the US.

“About one in three users in the US live in places where we cannot find enough local news on Facebook to launch ‘Today In’,” Facebook wrote in a blog post on Monday.

In those “news deserts” – communities with little or no local reporting – Facebook hasn’t been able to find “five or more recent news articles directly related to these towns” for its news feature “Today In” that was launched in November last year.

“In the last 28 days, there has not been a single day where we’ve been able to find five or more recent news articles directly related to these towns.

“This does not vary much by region: 35 per cent of users in the Midwest, Northeast, and South — and 26 per cent in the West a” live in places where we can’t find much local newson Facebook,” said the social networking company.

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This photo shows a Facebook app icon on a smartphone in New York. VOA

“Today In” has been rolled out to over 400 cities in the US.

“We’re also announcing a new pilot programme, the Facebook Journalism Project Community Network, to support projects aimed at building community through local news,” said Facebook.

Also Read- Dell and Alienware to Launch New PC Gaming Devices to India

According to Engadget, nearly 1,800 papers have shut down in the US since around the time Facebook came online 15 years ago.

In January this year, the Facebook Journalism Project announced to invest $300 million in local newsrooms. (IANS)