Facebook Loosens Terms for Crypto Ads

Crypto Recovers; Facebook Relaxes In Crypto Terms

Big cryptocurrencies reversed losses the day before Thursday in Asia markets after the notion of Binance hacking weighed them down. The bullish mood took Bitcoin past $6,000.

Bitcoin increased 3.14% to $6,080 by 11:36 AM ET (03:36 AM GMT), surpassing the primary $6,000 mark for the first time this year. The digital coin restored traction that the hack of the big crypto exchange Binance resulted in a slight set back.

On Tuesday, Binance said the hackers withdrew 7,000 bitcoins worth around $40 million in a single transaction.

Other digital tokens have also been traded in the green. Ethereum gained 1.16 percent to $171.78, XRP up 0.17 percent to $0.30082, and Litecoin up 1.61 percent to $75.352.

The total market cap rose from $183.9 billion the day before to $188.7 billion.

Facebook ban lift on ads

On 9 May, Facebook (NASDAQ: FB) announced the ban lift on ads of businesses selling crypto-related goods and services. Last June, Facebook introduced a ban requiring prior written permission to market cryptocurrency products and services on its website.

They will still require people to apply to run crypto promoting ads. Starting today, they will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education, or events related to cryptocurrency, the social media giant said.

But Facebook will continue to ban advertisements that endorse contracts for difference (CFDs) and sophisticated financial goods because they have also been associated with unethical behavior. Ads for initial coin offerings and binary options will also continue to be banned.

The move came after Facebook released its own cryptocurrency. It is suspected to be a stablecoin tied to the US dollar.

Last week, the Wall Street Journal announced that the social media giant talked to financial firms and e-commerce companies such as Visa (NYSE: V) and MasterCard to fund its payment service branded internally as Project Libra.

The turn to the blockchain at Facebook is in contrast with that of its Chinese rival, WeChat. Last week, the communications giant revised its payment policies to prohibit advertisers on the site from participating in cryptocurrency-related practices. The strategy will take effect on 31 May.