- Facebook is making it easier for crypto firms to run advertisements on its platform in a reversal of previous policies.
- The social media giant is expanding the number of regulatory licenses it accepts from 3 to 27.
- Facebook noted that advertisers who were previously approved would not be impacted by the change.
Facebook is making it easier for cryptocurrency companies to run advertisements on its platform, reversing its previous policies as the digital asset space expands and regulatory clarity slowly crystallizes.
The social media giant, whose parent firm is Meta Platforms, is expanding the number of regulatory licenses it accepts from 3 to 27 after updating its criteria. Facebook has made the list of eligibility publicly available on its policy page.
Previously, Facebook required companies that wanted to promote crypto ads to submit an application and include other information such as whether they had any licenses they obtained or whether they were publicly listed stock.
At present, Facebook said if the advertiser has one of the eligible regulatory licenses, its ad will be approved.
“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 said in a statement.
Facebook noted that advertisers who were previously approved would not be impacted by the change.
In January 2018, the company banned all ads related to crypto in a bid to crack down on scams and fraud following the boom in initial coin offerings. Six months later in June 2018, Facebook reversed its ban by allowing pre-approved businesses to promote certain services.
Then in May 2019, Facebook relaxed its ban on crypto-related ads as rumors swirled about its own ambitions in the crypto space, and news leaked out about the efforts of its secretive blockchain team. Around the same time, Facebook introduced its Libra cryptocurrency project.
“Cryptocurrency continues to be an evolving space and we may refine these rules over time as the industry changes,” Facebook added.
The policy update comes after David Marcus, the executive who helmed Facebook’s crypto projects, announced his departure Tuesday. Marcus led the creation of Novi, the company’s digital wallet, and co-created Diem, the company’s stalled digital currency.