Facebook reverses ban on crypto ads, invests into new blockchain division

[Dev123]

The largest social media network has reversed its ban on cryptocurrency ads, after a blanket ban in January that 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.”

Facebook made it clear that the original ban was deliberately broad as bitcoin-related scams were mushrooming in the largely unregulated space. The social network promised it would be working “to better detect deceptive and misleading advertising practices... We will revisit this policy and how we enforce it as our signals improve.”

In a recent Facebook Business blog post, Rob Leathern, Product Management Director wrote: “starting June 26, we’ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”

Ex-Messenger executive to run new blockchain team

Facebook has not only loosened up its policies around cryptocurrency ads. Reported Recode:

What is the blockchain? And how should Facebook be using it?

Finding answers to those questions is now the responsibility of David Marcus, the Facebook executive who has, until this week, been running the company’s standalone messaging app, Messenger. Marcus is leaving Messenger to take over a new internal team dedicated to exploring blockchain technology, according to multiple sources familiar with the matter.

The team will be small at launch, fewer than a dozen people, but will include a few key Instagram executives who are moving over to join Marcus: Instagram’s VP of Engineering, James Everingham, and Instagram’s VP of Product, Kevin Weil.

Recode also suggested that:

Facebook’s decision to pursue blockchain technology will most certainly add some validity to the crypto industry, which has been very chaotic. This doesn’t mean that Facebook will build its own cryptocurrency, but there are many ways that blockchain technology could be used that have nothing to do with cryptocurrencies, including encrypted data storage.

Meanwhile, over at The Motley Fool, it was suggested that:

The reversal of the crypto advertising ban despite the regulatory heat on Facebook suggests founder Mark Zuckerberg is not against the crypto space and Facebook is investing heavily in the blockchain research space already.

Given it is able to recruit the brightest tech heads out of leading U.S. universities and the Silicon Valley marketplace investors can expect whatever Facebook’s blockchain working group comes up with to be market-leading, with a digital currency or payments system of sorts likely to be flagship products.

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