Facebook is an online social media and networking platform and company. Launched in 2004, the company is based in California, USA. As of January 2018, Facebook has more than 2.2 billion monthly active users.
Facebook founder and CEO Mark Zuckerberg referenced cryptocurrency in a Facebook post in January 2018, stating that he'd "go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services."
In May 2018, Facebook formed a cryptocurrency team, headed by David Marcus who previously worked with PayPal and Messenger. In August 2017, Marcus announced that he was stepping down from the board of Coinbase to avoid any conflict of interest between the two roles.
In January 2018, Facebook banned advertising for cryptocurrencies, adding the rule to its advertising policies. The policy stated that "Ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices." Facebook included "binary options, initial coin offerings and cryptocurrency" in this list.
However, in June 2018 Facebook relaxed its ban on cryptocurrency adverts, launching a "cryptocurrency products and services onboarding request" form. A Facebook blog post by Rob Leathern, Facebook's Product Management Director, stated that Facebook was "updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers."
While some pre-approved cryptocurrency adverts will be allowed, Facebook will "continue to prohibit ads that promote binary options and initial coin offerings."
Rumoured Partnership with Stellar
In August 2018, rumours surfaced over a potential partnership between Facebook and Stellar, as reported by Business Insider. It went on to state that Facebook and Stellar had discussed potentially forking the main Stellar network. However, Facebook has reportedly denied such talks have taken place.