The Strategist

Meta allows legal cryptocurrency projects to be advertised on Facebook

12/02/2021 - 05:27

The social network Facebook has announced its decision to lift the ban on advertising by cryptocurrency companies on its platform. Cryptocurrency services can be advertised if they have the necessary regulatory licenses. The ban was introduced in 2018.
Facebook has announced a review of its policy that prevented most cryptocurrency companies from advertising on the social network. Meta (formerly Facebook) explained that companies with one of the 27 licenses required to do so will now be able to post their ads. 

The company specified that the number of licenses accepted from advertisers has increased from three to 27. Meta attributed its decision to the fact that "the cryptocurrency landscape has matured and stabilised over the years, and government regulation has increased, which has helped set clearer responsibilities and expectations for the industry".

Facebook's head of cryptocurrency David Marcus announced on Tuesday, 30 November, that he will leave the company at the end of 2021. The company banned cryptocurrency advertising in January 2018, but relaxed the ban in May 2019. The ban has prevented cryptocurrency and blockchain startups from promoting their work and attracting potential customers on Facebook and Instagram.