Facebook doubles back on crypto ad ban

Meta, previously Facebook, has announced its decision to allow adverts on cryptocurrency on their platform, reverting their earlier ban of crypto adverts back in 2018.

The move by Meta is hugely significant for the crypto industry and will give crypto companies access to the company's billions of worldwide users. 

“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”.

A statement from the company announced a set of criteria for running ads about cryptocurrency, which previously accepted only three regulatory licenses”

“Going forward, we will be moving away from using a variety of signals to confirm eligibility and instead requiring one of these 27 licenses.This change will help make our policy more equitable and transparent and allow for a greater number of advertisers, including small businesses, to use our tools and grow their business”.

Facebook, now Meta, has experienced a series of changes over the past year, with the head of cryptocurrency, David Marcus recently leaving Meta following the company’s failed attempts to launch its own cryptocurrency that could be used for global transactions via Facebook products. 

Following his departure, Marcus tweeted:

“While there’s still so much to do right on the heels of launching Novi -- and I remain as passionate as ever about the need for change in our payments and financial systems -- my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it”

Regardless of Facebook’s failed digital currency launches, perhaps the rebranding to Meta, as well as the onboarding of new team members are a sign that the company is determined to participate in the growth of the cryptocurrency industry. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.