Facebook will no longer allow crypto advertising
“Two of our core advertising principles outline our belief that ads should be safe, and that we build for people first. Misleading or deceptive ads have no place on Facebook. We’ve created a new policy that prohibits 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.” Facebook Product Management Director, Rob Leathern, explained the decision on their website to halt cryptocurrency advertising.
The new policy below states exactly what ads will no longer be allowed on Facebook, Instagram, and other third-party ad platforms owned by Facebook.
Advertisers, even if legitimate, will no longer be able to promote bitcoin or other cryptocurrencies. If you are authentic (not trying to take retirement money from helpless people), there is hope! Facebook stated they would “revisit” the policy as they get a grip on the problem. How long that may be is very much up in the air. For now, if you are advertising for cryptocurrency, Facebook is no longer an option.
If you have ever gone through Facebook’s advertising policies it’s not surprising that this crypto veto came about. Facebook is concerned about their users well being. Illegitimate cryptocurrency advertising ads are detrimental to users and the Facebook platform itself. So for the ones that were doing it honestly, we know it sucks! However, this change will only benefit you in the future. As long as Facebook gets a hand on this, it will get rid of all the illegitimate advertisers which should increase your ad performance.
There is hope…
Facebook’s two board directors, Marc Andreessen and Peter Thiel, are active investors and have a lot of money backing cryptocurrency. While it may not be in their personal best interest for the sudden change, it shows the commitment Facebook has for its users.
It is unfortunate for the crypto advertisers that had all their eggs in the Facebook basket. Now would be a great time to explore other options and diversify. In doing so, you will be ahead of the game if the policy is revisited and reinstated.
Facebook does allow ads for some sensitive financial topics such as student loans, but these advertisements have specific rules that are enforced with them. It leads us to believe cryptocurrency services may get similar treatment in the future. The sudden termination of cryptocurrency ads reveals that it was a big problem that they were facing. Big issues don’t get solved overnight. Stay patient, explore other options, and diversify.
What do you think?
Are any of you currently working with cryptocurrency? If so comment below and tell us what you are doing to offset the Facebook ban.