Facebook announced that it had lifted its ban on Coinbase ads. The ban on all crypto services was announced in January this year to prevent misleading and deceptive promotions on its platform. However, the company now confirms that it will allow some preapproved advertisers to float ads related to crypto businesses.
Advertisers will now have to follow an application process that will help them get started on the platform yet again. The advertisers will have to show “licenses they have obtained, whether they are traded on a public stock exchange and other relevant public backgrounds on their business” before they could be granted permission to resume ads on the platform. However, the service will be open to a select category of advertisers only. Initial coin offerings and binary options are still prohibited on the platform.
Google, the largest search engine in the world, has also resumed advertisements for Coinbase. It is unclear whether ads for other crypto platforms have been resumed or not. Coinbase didn’t reveal the criteria used by Google to resume their advertisement.
SomeReddit users even believethat this could help in triggering another bullish period for the currencies, after a painful 2018. A lot of people claimed that Google doesn’t want to let go of the money it could make in the sector. Some others even launched their own conspiracy theories, suggesting that the previous ban was simply a way to keep prices down.
Whatever the reason is, it is expected that some trusted names in the crypto sector will certainly be benefitted as the ads resume. It will be interesting to see if other platforms follow suit. The platforms that successfully resume their ads will definitely enjoy more user confidence.