Facebook recently lifted the privacy setting that restricts users from 13-17 from sharing videos and their location. 

In their official announcement: "A new option to share more broadly 

Teens are among the savviest people using social media, and whether it comes to civic engagement, activism, or their thoughts on a new movie, they want to be heard. So, starting today, people aged 13 through 17 will also have the choice to post publicly on Facebook. 
While only a small fraction of teens using Facebook might choose to post publicly, this update now gives them the choice to share more broadly, just like on other social media services."

Groups have aired concern that this will make them susceptible to sexual predators and bullies. Also, they contend that the move is all about marketing, and taking advantages of teenagers' impulsiveness. It is also observed that teens are less likely to consciously take privacy precautions, operating only on the default settings.

The move was met with criticism: "It's all about monetization and being where the public dialogue is," said Jeff Chester, executive director of the Center for Digital Democracy, a group that lobbies against marketing to children. "To the extent that Facebook encourages people to put everything out there, it's incredibly attractive to Facebook's advertisers."

Facebook argues that they need to be competitive. Other sites like Google and Twitter do not employ this restriction to that age group.

"Across the Web, teens can have a very public voice on those services, and it would be a shame if they could not do that on Facebook," Nicky Jackson Colaco, Facebook's manager of privacy and public policy, said in a phone interview.

The contention, though, is that Facebook is the only social networking site that requires users to post under their real name. Any mistake or irresponsible act from the teenager may result in extended backlash or may even place their lives in peril because of this.

(Quotes From The New York Times)