This week, Facebook decided to relax its cryptocurrency ad ban. In doing so, they added new regulations to assure that any cryptocurrency company who advertises on the platform is legitimate.

Facebook will now be performing background checks and reviewing licenses before allowing cryptocurrency companies to advertise. This is one of many changes Facebook has made to their platform over the past few months. Since the Cambridge Analytica scandal in March of 2018, Mark Zuckerberg vowed to improve the safety of Facebook user information. In doing so, many changes were made to the social media and ad platform. The following changes show Facebook’s attempt to regain the trust of their online community and improve the transparency of their platform.

Ad targeting

As of September 30th, advertisers will no longer be able to target Facebook users by a number of currently available targeting metrics. Facebook will be removing all targeting data from third-party databases such as Oracle. In doing so, Facebook ads will lose many powerful targeting options. These options include targeting by net worth, income, and various purchase behaviors. This may turn out to be a big loss for Facebook in the long run as advertisers will have a more difficult time reaching their audience. It may cause them to consider switching to Google Ads or Amazon Ads.

Simplified Privacy

Facebook has simplified the option to customize profile privacy settings. Users can now access a privacy shortcut menu where they and choose who can see their profile information, and which information can be used for Facebook ads. The new option to turn on two-factor authentication can also help further secure your account. On top of this, Facebook will be updating its service and data policy to ensure a better understanding between Facebook and its community. The company plans on continuing to show users how and why their data is being used and what they can do if they aren’t comfortable with certain data being shared.

Ad Transparency

Ad transparency is another important feature added by Facebook in recent months. Users can now view any active ads running from a Facebook page, they can filter ads based on country, and can report an ad if they deem it inappropriate or offensive. This doesn’t only add a level of transparency for users. It can also help businesses keep track of their competitors marketing initiative, and may help small business find inspiration for their marketing campaigns. On top of ad transparency, users will now be able to view the info of any Facebook page to see the creation date as well as any name changes the page has made.

Facebook has been making impressive changes to their platform to improve the safety of user information as well as the transparency of their ads. These changes are reassuring after a breach of trust between Facebook and its community but may come at a cost to the social media giant (Facebook stock dropped 19% after announcing their Q2 results and projections) and may significantly lower the quality of Facebook as an ad platform. Hopefully, Facebook can find a way to stay transparent and honest while continuing to grow their amazing community.