Coinbase’s Brian Armstrong Reveals Whitelisted Status For Facebook Ads
Facebook Lifts Ban on Coinbase Advertising
In a recent tweet, Brian Armstrong, the founder and CEO of Coinbase, has announced that the company is now advertising on Facebook, the largest social media network in the world. This is a huge victory for the exchange, as Facebook banned crypto ads for a long time and only recently has decided to stop with this measure.
This is also a big step towards the evolution of the cryptocurrency market, as Facebook is a huge marketplace for advertising and will certainly boost the crypto market.
Facebook Banned Crypto Ads
Early in 2018, Facebook has decided to ban all the ads related to cryptocurrencies. This happened soon after Bitcoin exploded in price and became very popular. At the time, a lot of crypto scams were popular, so popular and Initial Coin Offerings (ICOs) were at its high.
The company banned ads on its social network and on Instagram that had any relation with cryptocurrencies, ICOs and the blockchain technology. It also targeted individuals who talked about cryptos like James Altucher, who was making a campaign in which he described himself as the “Crypto Genius” and told people that we would reveal the “next Bitcoin”.
The decision was soon followed by other giants of media like Google, Twitter and Snapchat and the picture looked bleak for crypto entrepreneurs back in the first quarter of 2018. It all started with Facebook in January, followed by Google in March and Snapchat just later.
Facebook and Google’s main reason for banning the ads was because it was becoming increasingly hard to filter the ones who were from legitimate companies from the ones that were simply lousy scams and the volume of ads was simply huge. Because of this, legitimate companies like Coinbase were affected by the wide ban on crypto advertising.
The Ban Has Been Recently Lifted
More recently, Facebook started to accept crypto ads again. The policy was officially reverted on June 26. The main reason why Facebook took this course is because the industry was obviously not 100% scams and it just kept growing, so there was too much revenue potential to keep the ad policy like it was.
However, as a way to keep scammers away, the company started new policies to ensure that all the crypto-related content would be fact-checked by the Facebook staff and that flagged content would always be reviewed (as usual).
To apply, the companies will have to post as much information as possible and only legitimate business will be considered for the ads, as was the case for Coinbase.
Coinbase is a crypto exchange based in the San Francisco, California. It is one of the largest companies of its kind in the world. It works in around 190 countries, enabling Bitcoin transactions and storage. In 32 countries, the company also lets the users trade Bitcoin, Bitcoin Cash, Ethereum and Litecoin for fiat currencies.