In a backflip worthy of an Olympic medal, Facebook Inc. today rescinded its blanket ban on all things crypto, though various terms and conditions will now apply.

Facebook banned all advertising related to cryptocurrencies, including anything to do with bitcoin and initial coin offerings, back in January. The move was pitched as protecting users from “misleading or deceptive ads.”

The ban started a trend that was followed by both Google LLC and in part by Twitter Inc., but seemingly the ban wasn’t helpful to Facebook’s bottom line. In an update to its Prohibited Financial Products and Services Policy, Facebook Product Management Director Rob Leathern said the social networking giant has been looking “at the best way to refine this policy — to allow some ads while also working to ensure that they’re safe.”

Now, it clearly believes it has reached a happy medium. Reflecting Twitter’s partial ban, which allows advertising from pre-approved companies, Facebook will now allow advertising that promotes cryptocurrency and related content from preapproved advertisers but not advertising promoting initial coin offerings and binary options.

“Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us assess their eligibility — including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business,” Lathern explained.

In effect, the new rules will allow licensed cryptocurrency exchanges, trusts and related services to advertise on Facebook while denying the right to anyone who isn’t licensed. That shifts the decision making as to whether a company is legitimate onto government regulatory bodies instead of Facebook having to make the call.

The move could also reflect a management shakeup at Facebook in May that saw many executives given new roles at the company, along with the establishment of an experimental blockchain development group under its Platforms and Infrastructure division.

Arguably there could be some contradiction in Facebook working on blockchain technology while at the same time having a blanket ban on some of the blockchain’s biggest users. But lost revenue is more likely to have been the main motivation for the change.

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