Facebook to Ease up on Certain Promotional Crypto Content
In a surprising move, Facebook has decided to lift its January ban on cryptocurrency ads and open doors back up to marketers looking to promote their crypto content. However, there are a couple important stipulations to this policy reversal.[bctt tweet=”#Facebook is officially reversing its January ban on #cryptocurrency ads…with some stipulations. Read on for more details. ” username=”relevance”]
All advertisers looking to run crypto ads must be pre-approved by Facebook and binary options and initial coin offerings will remain banned for the foreseeable future.
Robert Leathern, Product Management Director for Facebook, explains in the Facebook business blog,
“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.”
Despite these constraints, this reversal proves that Facebook is easing up to the idea of bitcoin and other cryptocurrencies. Leathern made it clear that Facebook’s crypto policies will continue to be revisited and revised as public interest in crypto evolves.
For most of us, crypto is still a relatively new phenomenon that can hard to understand but it has gradually become more ingrained in mainstream society over the past year and more and more people have started to view it as a valid, alternative payment method.
It’s not just the public that’s warming up to crypto, major banks have also started switching their stance on crypto. Goldman Sachs for example, made headlines a few months ago when it decided to open the first bitcoin trading desk on Wall Street.
Marketers are also discovering that blockchain, the decentralized system of record and storage for cryptocurrency, can be used to better target customers by cutting out middlemen.
Crypto is definitely here to stay and Facebook is showing us that they’re willing to listen to feedback, study the technology, and be more flexible with marketers looking to join in on the fun.
Facebook Reflects on it’s Ad Policies
Facebook may be easing up on crypto ads but the social media giant is ramping up ad restrictions in numerous other areas. In the wake of Cambridge Analytica, the ‘fake news’ crisis, and possible foreign election interference, the company has smartly decided to add more safeguards to political ads
Any advertiser paying for political or issue-based ads must have their age and location verified on the platform. All election-related and issue ads on Facebook and Instagram in the US must also be clearly labeled – including a “Paid for by” disclosure from the advertiser at the top of the ad.
This new verification process may cause a lot of headaches for marketing news writers working for smaller publications but it’s a small price to pay for security. Plus, the verification could add to an organization’s credibility.
Last week, Facebook also limited weapon accessory ad targeting to users 18 and up. As of June 21st, any advertiser looking to run weapons ads must set ad audience minimum age to 18.
Most of these changes stem from Facebook’s severe misuse of user data, lack of transparency, and the spread of fake or misleading content from untrustworthy sources on the platform. In general, Facebook has started pushing back on promotional content in favor of communal content stemming from friends and family.
Back in January, Mark Zuckerberg made it official with this statement,
“The first changes you’ll see will be in News Feed, where you can expect to see more from your friends, family and groups. As we roll this out, you’ll see less public content like posts from businesses, brands, and media.”
Facebook’s decision to reduce promotional content in favor of content from a user’s personal circle forced marketers to re-evaluate their outreach strategies and come up with creative ways to create and share more authentic, meaningful content.
It’s likely that Facebook will continue to evaluate their existing ad policies and enforce them more stringently but, so long as the company shows a willingness to adapt and change to trends like cryptocurrency, marketers shouldn’t have anything to worry about.
Will this policy reversal benefit your current marketing strategies? Let us know in the comments! (We’ll share our favorite one on Twitter)