A man walks past an electric board showing currency exchange rates of various cryptocurrencies including Bitcoin (top L) at a cryptocurrencies exchange in Seoul, South Korea December 13, 2017. REUTERS/Kim Hong-Ji – RC161BA31E70
Cryptocurrency ads will be allowed to make a comeback on Facebook.
On Tuesday, the company has decided to reverse its ban on the ads, but with a few conditions. Firstly, the advertisers must be pre-approved. Second, there is no ads to promote the first currency of the offer, which are often connected to scams, will be allowed.
Facebook originally announced the ban back in January, near the height of the cryptocurrency craze. According to the company, a number of the ads are misleading potential investors with claims of “no risk.” Others mentioned using your pension funds to buy Bitcoin, which has since dropped from $11,000 in value to $6,100.
“In the last few months, we have looked at the best way to the development of this policy, some ads, while also working to ensure that they are secure,” Facebook said in a blog post, an explanation for the decision to lift the ban.
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“Not everyone who wants to advertise will be able to do this,” the company added. To subscribe, advertisers must first submit an application, which asked for the official documents, including businesses, licenses, and whether the applicant is listed on a public stock exchange.
Despite the limitations, the change opens a door for cryptocurrency providers to promote their services and products through a mainstream platform, at a time when the interest in the market to cool. Other large sites such as Twitter and Google have strict prohibition against the cryptocurrency advertising.
Facebook partially reversed the ban if the company itself has a great interest in the blockchain technology, the backbone of many of the popular crytocurrencies on the market. Last month, Facebook executive David Marcus announced he was forming a small team to explore “how to best leverage blockchain on Facebook, starting from scratch.”
This article originally appeared on PCMag.com.