In January 2018 Facebook the social media firm has been decided that the ads involving blockchain technology, Educational information, industry news and event that are related to cryptocurrency have to take prior written approval before displaying add. Not only Facebook but Google also banned cryptocurrency ads in March of 2018, a few months after Facebook’s decision.
But On May 8, Facebook updated its advertisement policy and announce that the restrictions on cryptocurrency and blockchain related ads have been lifted. However, it was also clear from Facebook that they will continue to ban ads on ICO (Initial Coin Offering) as well as ads from binary options due to the complexity and misleading to the peoples. As it confirms by Facebook that they are committed to preventing misleading advertising on a Facebook platform especially in the area of financial products and services. For the reason, people who want to advertise on cryptocurrency and related products like cryptocurrency exchange and mining software and hardware still have to follow a review process.
Overall, the move is indicative of maturity in the cryptocurrency markets. As per the latest news, Facebook is planning on their own cryptocurrency names as "Project Libra" and for that Project Head David Marcus(Former PayPal President) is planning to build a 50 strong team in part of ex-PayPal employees. Facebook is raising $1 billion for its blockchain and it will be used across Whatsapp and Facebook.
Due to roll back ads on blockchain projects, it will help in growing blockchain projects. Presently Facebook is having 2.38 billion users and due to change in advertisement policy for cryptocurrency and blockchain will help more peoples to engage who are interested in blockchain and cryptocurrency and the result in growing in blockchain technology.