At the peak of crypto prices in January 2018, Facebook banned crypto ads, with Facebook stating at the time:
“Ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.”
Now, when crypto prices might have potentially reached a bottom, Facebook says they will “no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.”
ICOs still remain banned, with Twitter joining at the time, as well as Google and others.
There were suggestions FBI had pressured them into banning crypto ads, but this ban at the top of crypto prices and its reversal at what might be the bottom sounds quite curious.
It could of course just be a complete coincidence. For Facebook especially there may have also been concerns regarding monopoly practices.
They’re apparently to launch their own token, so banning what might be seen as competitors could have gotten them in legal troubles over anti-competitive practices.
Yet that Facebook is to launch a crypto has been known since May 2018 when some unidentified sources leaked it.
Having a crypto out and planning to do so maybe are two different things as far as anti-competitive practices go. Yet banning and unbanning a market that trades 24/7 does raise questions regarding potential influence on prices.
It remains to be seen now whether Twitter and the rest will join too in reversing their bans on crypto ads.
It seems likely, with this potentially being just another indicator of how much the internet has centralized into the hands of very few powerful corporations that appear free to do whatever they like despite the public nature of their platforms and despite being publicly traded.