Facebook applies a policy that required crypto and blockchain promoters to get prior consent before they could run advertisements but this change will not apply to advertisements that seek to promote a particular cryptocurrency, and ads for initial coin offerings (ICOs) remain forbidden. The purpose of such restrictions is to prevent Facebook users from falling prey to misleading advertisements.
SATOS has stepped-up its ads strategy by transforming a whole bus into an ad as an effort to bypass Google crypto ads ban. The marketing manager of SATOS explained, “We’d rather reach 20 people who take a picture of the bus and share it with friends, than of reaching 200 people who simply pass by the ad.”
Google would allow cryptocurrency ads from pre-approved regulated exchanges in certain circumstances. Google has stated, “Advertisers will need to be certified with Google for the specific country in which their ads will serve. Advertisers will be able to apply for certification once the policy launches in October. This policy will apply globally to all accounts that advertise these financial products.”
Recently, the CEO of Coinbase, Brian Armstrong has announced that the cryptocurrency exchange has been whitelisted on Facebook. The advertisements of Coinbase exchange is made available again on the world’s largest search engine, Google satisfying all the requirements mandated by the search engine. The ads should also be in line with AdWord polices. It is expected to attract many users.
Facebook rethinks over the ban on cryptocurrency ads. The movement was aimed to prevent the misleading or deceptive promotional practices associated with the crypto products. Presently, the project management director detailed that the advertisers would have to make an application for eligibility assessment. On approval, such ads would be added on the platform.
The Bitcoin crypto advertising network, Coinzilla, began its operations in the year 2016. The company has aided various companies in raising funds through ICO crowd-funding. It would have more users in future since crypto ads are banned by various social networking sites. Coinzilla has been successful in administering 1,000 bitcoin advertising campaigns.
Microsoft has planned to restrict bitcoins, other cryptocurrencies, and crypto related products advertisements on Bing Ads. The restriction is to come into force by the end of June or in July. The company quoted that risk associated with the cryptos has increased “with the potential for bad actors to participate in predatory behaviors or otherwise scam consumers.”
There are enormous numbers of fake ICO advertisements promoted in Google and other search engines. It is reported that the criminals are adapting to some common strategies making their ads seem more authentic. The news portal highlighted the NEX ICO which currently has about three fake advertisements. The novice users face complications in differentiating real and fake ICO promotions.
In a recent interview, the LinkedIn’s co-founder, Eric Ly have shared his thoughts about the cryptocurrency related ads banning by the internet giants. According to the report, Eric Ly said that “when regulatory clears itself up, I believe there will come a time again when advertising of this nature around token sales will be re-permitted on these platforms.”
The decision took by internet giants such as Google, Facebook, Twitter and many more in banning cryptocurrency ads weren’t agreed by everyone. As the result, the cryptocurrency and blockchain community from these countries, Switzerland, Kazakhstan, and Armenia have joined Russia, China, and South Korea in filing a joint lawsuit for the internet giants that go against cryptocurrency.