The metaverse and social media marketplace Meta has expanded the eligibility requirements for posting cryptocurrency ads on Facebook, giving businesses more leeway to market digital asset product offerings.
Meta announced Wednesday that, from now on, it will recognize 27 regulatory licenses from advertisers, compared to the previous three. This means that many more requests to run cryptocurrency ads will be accepted. The changes are reflected in section 10 of Facebook’s updated advertising policy, titled “Cryptocurrency Products and Services.”
Before the update, only a narrow segment of cryptocurrency companies could advertise on Facebook because the platform recognized a small number of regulatory licenses. Under the updated policy, the following cryptocurrency products and services can now receive written permission to post ads on Facebook:
- Cryptocurrency exchanges and trading platforms
- Cryptocurrency loan services
- Cryptocurrency wallet
- Cryptocurrency mining infrastructure
In addition to the above, products and services related to blockchain technology, cryptocurrency news, education, payment methods, and merchandise may be advertised without prior written permission. A Meta spokesperson confirmed to Cointelegraph that the changes also affect Instagram, which is owned by the company.
Meta explained that the updated policy reflects the maturation and increased regulation of the cryptocurrency industry, namely:
“Over the years the cryptocurrency landscape has matured and stabilized and has seen increased government regulation, helping to set clearer responsibilities and expectations for the industry. Going forward, we will discontinue using a variety of signals to confirm eligibility and we will require one of these 27 licenses instead. “
Facebook Happened to be called Goal in October to reflect your growing ambitions beyond traditional social media. As Cointelegraph reported, the company wants to build a “metaverse” that connects digital social media with the physical world.
Announcing @Goal – the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection. pic.twitter.com/ywSJPLsCoD
– Meta (@Meta) October 28, 2021
We announce Meta: the new Facebook company name. Meta is helping to build the metaverse, a place where we will play and connect in 3D. Welcome to the next chapter of social connection
Facebook initially banned cryptocurrency ads and initial coin offerings in January 2018 over concerns of so-called “deceptive promotional practices.” Around six months later, the company reversed its blanket ban on cryptocurrency ads, but kept a long list of banned products and services.