Facebook now allows some cryptocurrency ads

But get-rich-quick schemes are still out.

Marrian Zhou Staff Reporter
Marrian Zhou is a Beijing-born Californian living in New York City. She joined CNET as a staff reporter upon graduation from Columbia Journalism School. When Marrian is not reporting, she is probably binge watching, playing saxophone or eating hot pot.
Marrian Zhou
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Get ready for bitcoin ads in your Facebook feed.

The world's largest social network said Tuesday that it now permits advertisements for cryptocurrencies.

But that doesn't mean you'll see a whole flood of content from the nearly 1,600 cryptocurrencies that're out there. Advertisers will still have to get Facebook's approval, submitting an application that lists any licenses they may have, whether they're traded on a public stock exchange, and "other relevant public background on their business," Facebook wrote in a blog post. The social network said it'll continue to prohibit ads promoting options and initial coin offerings.

In January, Facebook stopped ads promoting digital money because they were "frequently associated with misleading or deceptive promotional practices," according to a company blog post at the time. The ban would be temporary, that post said. In Tuesday's blog post, the company said that "in the last few months, we've looked at the best way to refine this policy -- to allow some ads while also working to ensure that they're safe."

Twitter , Google and Facebook all banned cryptocurrency ads, and Facebook is the first to ease its restraints.

"We believe that we can allow responsible advertising for cryptocurrency while still limiting deceptive or misleading ads," a Facebook spokesperson said in an email statement.

Both Google and Twitter's spokesperson said their policy remains the same.

First published on June 26, 2:46 p.m. PT.

Updates, June 27, 5:44 a.m. PT: Adds Facebook spokesperson statement.