Facebook said on Tuesday that it is relaxing a ban on ads for cryptocurrencies while keeping a prohibition on initial coin offerings to raise assets.
The move comes five months after the social network gaint said it was banning all ads related to cryptocurrencies in a move aimed at curbing scams, Agence France-Presse reports.
To place ads on Facebook for cryptocurrencies, companies will now need to be pre-approved and offer proof they have licenses or are traded on a public exchange.
“Given these restrictions, not everyone who wants to advertise will be able to do so,” Facebook’s product management director, Rob Leathern, was quoted as saying in a statement.
“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,” Leathern said.
Initial coin offerings still won’t be able to advertise on Facebook.
Facebook and other online platforms began cracking down on ads for crypto-related businesses amid concerns over fraud in the largely unregulated sector where currencies can see huge swings.
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