Developments

Facebook updates its crypto ads policy, picks the UK as a base for WhatsApp coin

Facebook updates its crypto ads policy and also those related to financial products and services, and blockchain.  Previously, you were required to request prior approval to advertise cryptocurrency services and products on Facebook.

After Facebook updated its crypto ads policy, it announced that they would no longer require pre-approval for ads related to industry news, education, blockchain technology or cryptocurrency.

Starting June 5, Facebook will update the prohibited financial products and service policy to no longer allow ads promoting contracts for different complex financial products that are related to predatory behavior as they mislead people and are complicated.

Facebook requires the ads’ text, images, targeting, positioning, and content on a landing page to comply with the updated policy and its community standards and advertising policies. For instance, ads that link to a landing page featuring a restricted product like cryptocurrency exchange requires prior approval.

The social media giant is committed to preventing misleading advertising on the platform especially on financial services and products. For people who would want to promote cryptocurrency and related products such as mining software, hardware, and or cryptocurrency exchange must go through a review process.

Apart from updating its ads policy, Facebook has picked the UK as the headquarter of the team handling the WhatsApp payment system. According to Facebook, the UK attracts a multicultural workforce from many countries where WhatsApp is widely used. The company plans to hire 100 software engineers in London and have a small office in Dublin. This is expected to increase the WhatsApp workforce by approximately a quarter.

The UK was favored over the U.S because the messaging app is much more popular and London is a fintech hub. 1.5 billion people use WhatsApp globally.

At the F8 conference, Mark Zuckerberg, CEO, Facebook, said :

Payments is one of the areas where we have an opportunity to make it a lot easier. I believe it should be as easy to send money to someone as it is to send a photo.

As Facebook updates its crypto ads policy, do you think its because they are developing their own?

You may also be interested in:

Facebooks crypto goes by the name Project Libra

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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