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Facebook Eases Crypto Ads Ban as Venezuela Banks get FX Trading Green Light

Published on: 05/10/19 10:43 AM

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Category: Newsletter

The second week of May 2019 witnesses a resilient FX market despite escalated US/China trade spats, Brexit uncertainties and sanctions galore. Forex Broker comparison service FXBrokerFeed provides you an overview of some updated news, and trends in the FX broker market, featuring Facebook Ease Up on Crypto Ad Ban, and Venezuela granting Banks FX Trading Green Light.

Facebook Eases Up on Crypto Ad Ban

Facebook has updated a policy that reverses some restrictions on cryptocurrecncy-related advertising. The waiver allows advertisements regarding blockchain technology, industry news, education, and events related to cryptocurrency without any pre-approvals. However, Facebook retained advertising ban on speculative financial instruments such like CFDs, ICOs and Binary Options. These policy restrictions had been imposed in January 2018 to curb misleading, and deceptive promotional practices which had come under intense market regulatory scrutiny. Industry observers speculate that Facebook may be working on its own cryptocurrency, but one that will be pegged to different foreign currencies in addition to the US dollar.

Venezuela Banks Given FX Trading Green Light

In a desperate attempt to manage serious economic slump and runaway inflation, the central bank of Venezuela has loosened its financial exchange controls to allow local banks to open new FX trading platforms. The state-run FX system Dicom has experienced low trading volumes as oil prices tumbled in the midst of a persistent political crisis. Dicom has now been stopped from FX trading after crippling sanctions imposed by the United States in a bid to have President Manduro step down from power. The wide reaching policy change allows individuals, and companies to buy, and sell foreign currency from both private, and state-run banks. The central bank will rely on average transactions, and publish them as official rates. The move comes after discussions between the government, and banks in a bid to ease Venezuela’s economic crisis. Today’s traders need a dependable way to navigate through the ever-changing world of Forex trading. FXBrokerFeed brings to you relevant information about FX Brokers and currency pairs 24/7, and is an essential tool that will help improve your trading performance. Start your 30-day free trial today!