Skip to main content

The Digest: Facebook Will Once Again Allow Ads Promoting Cryptocurrencies

ON SECOND THOUGHT… In January, Facebook announced a new policy banning companies from advertising initial coin offerings (ICOs), binary options (investments where the return is either a fixed amount or nothing at all), and cryptocurrencies on the platform. On Tuesday, Facebook reversed that policy; it will now allow “pre-approved advertisers” to promote cryptocurrency products and services on the platform. Companies must fill out an application and provide requested background information to earn Facebook’s approval to buy cryptocurrency ads. Ads promoting ICOs and binary options are still banned.

STOPPING SCAMS. Facebook’s initial decision to stop selling cryptocurrency ads was an attempt to rein in the many companies it claimed were misleading or deceiving users. And, truly, the crypto world has no shortage of scammers — according to CoinDesk, an official from the U.S. Federal Trade Commission (FTC) told audience members during a crypto workshop on Monday that consumers lost an estimated $532 million to crypto scams between January and February of 2018 (the FTC defines scams as “deceptive investment and business opportunities, bait-and-switch schemes, and deceptively marketed mining machines”). By the end of the year, the FTC estimates that figure will soar to $3 billion.

WHAT WE KNOW & WHAT WE DON’T. We don’t know if Facebook’s revised policy will prevent scammers from taking advantage of the platform’s users. Also unclear: how thoroughly Facebook plans to screen advertising applicants.

What is clear is who will immediately benefit from the policy change: Facebook, which is once again free to generate ad revenue from crypto companies. Hard to say what Facebook was earning from those companies prior to January’s ban, but Google — the internet’s other advertising giant —generated an estimated $25 million in ad revenue from ICOs alone in 2017. Facebook might invest some of its own money into the crypto realm, as well, with rumors swirling that it could decide to buy digital currency exchange CoinBase.

Facebook also has less competition for crypto ad dollars now. In March, Twitter announced its own ban on certain cryptocurrency ads. That same month, Google announced it was updating its own policy to ban ads promoting cryptocurrencies, ICOs, and binary options. Google’s update just went into effect this month, so… is that a coincidence? Or smart timing by Facebook?

READ MORE: Updates to Our Prohibited Financial Products and Services Policy [Facebook]

The post The Digest: Facebook Will Once Again Allow Ads Promoting Cryptocurrencies appeared first on Futurism.

Labels:

Comments

Post a Comment

Popular posts from this blog

Websim.AI for AI Building Websites, Games and More From Prompts

Websim.ai is an AI-powered platform that allows users to generate and explore a simulated version of the internet. It uses advanced AI models like Claude 3.5 Sonnet and GPT-4o to create interactive websites, visualizations, and functional code in response to user prompts. Users can sign in with their Google or Discord accounts and input prompts ... Read more
Post a Comment
Read more

14 of Rick and Morty's Most Excellent Season 4 Moments

In episode nine, “Childrick of Mort,” Rick fought a god when they both fell for the same woman. Er, planet. That moment doesn’t make our list, but it’s still a damn good one. Screenshot: Adult Swim It’s still hard to believe—after so many lengthy delays between previous seasons —that season five of Adult Swim’s Rick and Morty is almost upon us. While we count down the moments until the Emmy-winning series returns on June 20, we thought we’d also look back on season four, highlighting 14 of our favorite and most memorable moments (in no particular order... though we do have one very top favorite, as you’ll see) involving mostly Rick and Morty—but also Summer, Beth, Jerry, and Rick and Morty ’s creatively deployed guest stars too. “Why can you talk?” Screenshot: Adult Swim The A-plot of episode four, “Claw and Hoarder: Special Ricktim’s Morty,” follows the adventures of Rick, Morty, and Summer as they attempt to rescue Morty’s “slut dragon,” Balthromaw, from an evil wizard. ...
Post a Comment
Read more

Studio Ghibli Park Unveils Its Wondrous Valley of Witches

Screenshot: Kyodo News/YouTube With the Valley of Witches set to open March 16, Ghibli Park will finally be complete. Since 2022, the attraction—nestled in the Expo 2005 Aichi Commemorative Park in Nagoya, Japan—has unlocked realms inspired by Studio Ghibli’s legacy of films . But it’s not to be mistaken for a modern theme park; Hayao Miyazaki himself mandated that the experiences offered at Ghibli Park should evoke being in a Ghibli movie without disturbing the natural surroundings. So it’s more of a throwback to nostalgic attractions and walkthroughs with a carnival ride flair. Inspired by films including My Neighbor Totoro and Spirited Away, the first phase of opening kicked off two years ago, with other areas opening as they were completed. With the Valley of Witches, which features attractions inspired by Howl’s Moving Castle and Kiki’s Delivery Service, among others, the theme park will finally be open in full beginning March 16. Media outlets such as Kyodo News were able...
Post a Comment
Read more