Meta announced its decision to reverse long-standing policy that prevented most cryptocurrency companies from running ads on its services.
The move comes after the company, which is now called Meta, tried and failed to launch a cryptocurrency that could be used to send money online to anyone in the world via Facebook products. The head of Facebook’s cryptocurrency efforts, David Marcus, announced on Tuesday that he will be leaving the company at the end of 2021.
A prime example of this occurred in recent months Google shifted their cryptocurrency ad policy, in what seemed to show a slight increase in favorability when it comes to crypto platforms advertising on Google channels. Now Facebook, rebranded as Meta, is making it easier for crypto platforms to run their advertisements on their social media channels.
Advertisers still need written permission to run ads for cryptocurrency exchanges, lending and borrowing, crypto mining tools and wallets that let you buy, sell, stake or swap tokens. This does, however, open the door to cryptocurrency businesses that previously couldn’t run any ads, not to mention would-be investors who might not be familiar with the market.
In the recent announcement that Meta is enabling crypto ads, the company stated the requirements for advertisers. Advertisers are to submit an application and include any licenses related to their business. Meta explained that it is making crypto ads easier on its platform by increasing the acceptable regulatory licenses. Formerly, Facebook used to recognize three regulatory licenses. However, effective from the time of the announcement, Meta will now be accepting 27 regulatory licenses from advertisers. All advertisers need to do is to have any of the eligible 27 regulatory licenses and submit them to Meta.
Stating the reason for the change, Meta noted in the announcement: “We’re doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has more government regulations that are setting clearer rules for their industry.”
