Social Media Giants Back-Track On Cryptocurrency Ban

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The world’s biggest social media networks are back-tracking on recent promises to purge cryptocurrency advertising due to concerns over scams.

Only a few months ago, Google, Facebook, Instagram, Yahoo and Twitter decreed that they would axe cryptocurrency advertising to protect consumers from fraudsters.

But the advertising has crept back with hardly a whisper from any corporate headquarters.

In January, Facebook declared all cryptocurrency advertising would be banned from the network and Instagram, which the company also owns.

Then in June, Facebook announced approved advertisers would be allowed to market to millions of Facebook and Instagram users if they passed a strict checklist.

The company’s cryptocurrency policy was updated to this effect.

Axe is lifted on advertising

The policy states: “Ads may not promote cryptocurrency and related products and services without our prior written permission.”

Now, with barely a word to alert consumers, cryptocurrency exchange Coinbase is running advertising on all the major four social media networks.

The first inkling that the tech giants might be changing their cryptocurrency strategy was a tweet from Coinbase CEO Brian Armstrong, which said: “Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system.”

Below the tweet was a graphic stating Coinbase is the world’s most trusted place to buy and sell cryptocurrency.

Google also seems more relaxed about cryptocurrencies as the online goliath’s currency converter now includes Bitcoin, Bitcoin Cash, Ethereum and Litecoin. The company is also running advertising for Coinbase.

Cryptocurrency confusion

The source of the rate Google applies remains unknown, but the rates to differ from those posted by many cryptocurrency exchanges.

Google’s seeming confusion over how to handle cryptocurrency extends to searches as well. Despite the ban on advertising initial coin offerings, a search for ‘ICO consulting’ brings back a list of firms promoting ICOs.

Meanwhile, Yahoo is running advertising for companies advertising Ripple XRP and blockchain ICOs while the company’s Japanese subsidiary has bought a 40% stake in BitARG, a cryptocurrency exchange in Tokyo.

Yahoo is expected to offer cryptocurrency exchange services to members later this year.

To date, none of the companies has released a statement about any change of policy.

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