Yes, you read that correctly. For a site that bans images of an exposed tit, they were fine with a video post that showed a masked man beheading a woman.
The video was still available yesterday but carried a warning.
People turn to Facebook to share their experiences and to raise awareness about issues important to them. Sometimes, those experiences and issues involve graphic content that is of public interest or concern, such as human rights abuses, acts of terrorism, and other violence. When people share this type of graphic content, it is often to condemn it. If it is being shared for sadistic pleasure or to celebrate violence, Facebook removes it.
Originally the social network defended its stance to allow the video stating:
Facebook has long been a place where people turn to share their experiences, particularly when they're connected to controversial events on the ground, such as human rights abuses, acts of terrorism and other violent events, People are sharing this video on Facebook to condemn it. If the video were being celebrated, or the actions in it encouraged, our approach would be different.
Originally the video didn't carry a warning, a spokesman for Facebook also stated that this would be added "We are working to give people additional control over the content they see. This may include warning them in advance that the image they are about to see contains graphic content." and as you can see in the image above, that's exactly what happened.
Among the many users that reported the video, an Australian police force was among those who had complained. It said it had been told by Facebook's moderators that the video "did not violate our community standard on graphic violence".
In any case, you needn't worry about running into such content anytime soon, and if you do, rest assured that Facebook will now pull it instead of defending it.