Facebook Reverses Crypto Ad Ban
Meta will allow cryptocurrency ads on Facebook, Instagram, and WhatsApp once again.
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Meta, the parent company of Facebook, Instagram, and Whatsapp, has relaxed its rules for cryptocurrency advertising, allowing crypto exchanges, wallets, and other crypto companies to advertise across all its platforms.
Meta Brings Back Crypto Ads
Facebook, Instagram, and WhatsApp users will once again start seeing cryptocurrency ads.
Technology conglomerate Meta announced Wednesday that it had updated the eligibility criteria for running cryptocurrency ads. Previously, companies could only use one of three regulatory licenses in their advertiser applications. Now, Meta has increased the number of accepted licenses to 27, allowing more cryptocurrency companies to advertise on its platforms.
Facebook, Instagram, and Whatsapp enforced an advertising ban for cryptocurrency exchanges, trading platforms, crypto wallets, mining hardware companies, and other crypto firms following a period of heightened interest in cryptocurrencies in January 2018. The ban was mainly aimed at cryptocurrency start-ups promoting initial coin offerings, a practice that has previously received regulatory scrutiny in the U.S. With the recent changes to advertiser eligibility, cryptocurrency companies will now have a much easier time being approved for advertising.
In a press release announcing the updated requirements, Meta cited the changing regulatory landscape in its decision making, stating:
“Over the years, the cryptocurrency landscape has matured and stabilized and experienced an increase in government regulation, which has helped to set clearer responsibilities and expectations for the industry.”
The update follows the news that David Marcus, Facebook’s executive who oversaw the Diem stablecoin and Novi wallet projects, announced that he would be leaving Meta. “After a fulfilling seven years at Meta, I’ve made the difficult decision to step down and leave the company at the end of this year,” he tweeted Tuesday.
Despite Marcus’ departure, the latest move to allow cryptocurrency-related ads hints at the company’s commitment to its new direction. In October, Facebook rebranded to Meta as part of a long-term plan to build out the Metaverse, a concept closely linked to Web3 and blockchain technology.
Disclosure: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.