San Francisco, May 9 (IANS): As part of its updated advertising policies, social networking giant Facebook has decided to lift some restrictions that it imposed on the circulation of cryptocurrency products and services on its platform.

Last year in June, Facebook updated their advertising policies to require prior written approval to advertise cryptocurrency and blockchain related products on its platform. However, the company now, has decided to put an end to this requirement.

"While we will still require people to apply to run ads promoting cryptocurrency, starting today, we 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 company wrote in a blog-post on Wednesday.

The ads would have to go through a review process to take into account licences advertisers have obtained, whether they are traded on a public stock exchange and other relevant public background on their business.

In addition, to prevent the promotion and spread of misleading advertising on financial topics on its family of apps, Facebook has also updated its Prohibited Financial Products and Services Policy as well.

"Starting June 5, we will no longer allow ads promoting contracts for difference (CFDs), complex financial products that are often associated with predatory behaviour. We'll also continue to ban ads for initial coin offerings (ICOs) as well as ads for binary options," the post said.

In January 2018, Facebook banned ads that promote ICOs, cryptocurrency like Bitcoin and binary options trading from its platforms, including Instagram, Audience Network and Messenger.