Six months after announcing that it would no longer accept cryptocurrency ads on its platform, Facebook has beat a retreat. Facebook at the time said it was rolling out a new policy aimed at prohibiting “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.” Following promises it made to revisit the policy when its “signals improve,” the company on Tuesday said it is updating its “policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers.”
The initial ban was more like a blanket one that affected even legitimate businesses who were unable to buy ads from the social media giant. With the updated policy, companies will now have to fill out an application that will require them to provide information on licensing and whether their currency is traded publicly to help Facebook determine their eligibility status.
Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us 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. Given these restrictions, not everyone who wants to advertise will be able to do so. 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.
Apparently the restriction or ban placed earlier was not helpful, especially to those who wanted to buy ads for legitimate reasons. The update, however, will change things and help businesses with genuine intentions achieve their objectives.
Two months ago, Google announced that it will no longer accept extensions that mine cryptocurrency on its Chrome Web Store. By that announcement, extensions that mine cryptocurrency on Chrome Web Store will no longer be acceptable anytime from this June. On the other hand, Extensions with blockchain-related purposes other than mining will continue to exist in the Web Store.
The company said such extensions have overtime demonstrated capabilities that have attracted malicious software developers who attempt to abuse its platform at users’ expense. The policy, according to Google, is aimed at ensuring that Chrome users “enjoy the benefits of using extensions without exposing themselves to hidden risks.”
Apparently, it is a case of breach of trust, with Google revealing that 90 percent of extensions that include mining script do not follow its rules. This has given Google no other choice but to ban mining extensions from its Chrome Web Store.
Unfortunately, the ban is a blanket one that will also affect companies with legitimate cryptocurrency offerings—such companies, according to the new update made to Google’s financial services-related ad policies, will no longer be eligible to serve ads through Google’s ads products.
Twitter is already taking steps to purge its platform of the amount of cryptocurrency scams blowing like wildfire. It had to be now because names of important personality such as John McAfee, Elon Musk and the likes are now being used by scammers to deceive people on Twitter.