Facebook Lifts Advertisement Blocks Off Legal Crypto Companies
As the cryptocurrency market began to significantly grow last year, cryptocurrency companies started to use the social media platforms as means of attracting potential investors. However, several illegal companies have used the same means to scam the inexperienced social media users into investing in their illegitimate currencies.
As a result, social media companies such as Facebook and Google took quick, active steps against such scams by restricting cryptocurrencies advertisements from their networks. However, Facebook declared in a statement to the media that it has now lifted its restrictions on crypto advertisements. Facebook has become the first to welcome legitimate crypto ads to appear to its users.
Facebook now applies a new mechanism of guaranteeing that only legitimate ads will appear on their network; it will compel all its potential advertisers to exhibit legitimate licenses relevant to the material that is to be advertised. However, Facebook will keep restricting ICOs and binary financial options from appearing on their networks due to possible protection threats.
Coinbase’s CEO declared to Twitter consumers that his company been authorized to advertise on Facebook’s network and they would be presenting the open financial system to the public.
Coinbase is the first to be authorized to run advertisements on Facebook’s network as it has built a solid reputation in the cryptocurrency field. And, it is expected to utilize this opportunity to boost different services of their growing business.
A New Boost to the Crypto Industry
Facebook’s positive step to lift the advertising restrictions could result in a boost in the cryptocurrency market by attracting more investors into the field as, according to statistical analysis, it has more than 2 Billion customers using their network. Therefore, Coinbase will be designating a significant budget towards Facebook Ads.