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Meta Platforms Inc., the parent company behind Facebook and Instagram is allowing companies to run cryptocurrency adverts on its social media pages once again. The move comes amid the tech giant updating the number of regulatory licenses it accepts, from 3 to 27.
Meta to Allow Running Cryptocurrency Adverts On Facebook
In an official announcement post, Facebook put up the official list of acceptable licenses on its policy page. Per the list, crypto companies are grouped in two categories based on prior written approval needed to list crypto ads.
This signifies crypto exchanges, trading platforms, and mining-related companies will all require prior approval. While news and media outlets and education platforms related to crypto won’t be needing any prior approval.
Before this, crypto companies went through a lengthy process of submitting several documents to prove their eligibility.
With the latest announcement, companies will now simply require one of the 27 listed licenses issued from around the world. Amongst the accepted licenses includes the Financial Conduct Authority Authorisation in the United Kingdom and the BitLicense issued by New York State.
Facebook insisted that it eased its strict policies because the crypto environment has now become more stabilized in recent times.
“We’re doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules for their industry.”
Eligibility for Running Crypto Ads
The reversal comes just a day after Facebook’s crypto lead David Marcus announced his departure from the company. He spent roughly two years trying to launch Meta's crypto wallet Novi but succeeded only with a small test run. Under his leadership, Facebook attempted to build its own cryptocurrency, Diem, which is yet to be released.
Facebook initially banned cryptocurrency and ICO ads in January 2018 over concerns of “deceptive promotional practices.” Six months later, the company reversed its blanket ban on crypto ads but maintained a long list of prohibited products and services.