Facebook Partially Bans Advertising for Cryptocurrency. Facebook is partially withdrawing the prohibition of advertisements related to cryptocurrency, such as bitcoin. Approved advertisers may now place advertisements around virtual coin services.
Advertisements that promote so-called binary options or initial coin offerings (ICOs) are still not allowed, Hope News reports.
With a binary option, a buyer gambles whether the price of the virtual currency will be higher or lower in the future than at the time of the purchase. On this basis, crypto coins will or will not be paid out. An ICO is midway between an IPO and crowdfunding, where companies raise money by selling new virtual currency.
In January, Facebook announced that the social network would no longer allow advertisements around cryptocurrency. The reason for this was that, according to Facebook, the virtual coins are too often associated with deception.
Twitter announced in March to restrict the advertisements surrounding cryptocurrency. Google has a similar policy in June.