FXBrokerFeed provides an overview of some updated news in the FX broker market, featuring Facebook Ease up on Ads Ban, and Venezuela granting Banks FX Trading Green Light
The second week of May 2019 witnessed a resilient FX market despite 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 Ads Ban, and Venezuela granting Banks FX Trading Green Light
Facebook Eases Up on Crypto Ad Ban
FXBrokerFeed spotlight for the week is Facebook update on 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.
FXBrokerFeed observes that the policy restrictions imposed in January 2018 were aimed at curbing 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
FXBrokerFeed reports that the Central Bank of Venezuela’s desperate attempts to manage a debilitating economic slump, and runaway inflation, by relaxing its financial exchange controls to allow local banks to open new FX trading platforms.
The state run FX system Dicom has lately experienced low trading volumes as oil prices continued to tumble in the midst of a persistent political crisis.
FXBrokerFeed notes that Dicom has altogether been stopped from FX trading after crippling sanctions imposed by the United States in a bid to have besieged 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 FX 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.