Social media and metaverse marketplace Meta has expanded eligibility requirements for running cryptocurrency advertisements on Facebook, giving companies more leeway to market digital asset product offerings.
Meta announced Wednesday that, effective immediately, it will recognize 27 regulatory licenses from advertisers, up from just three previously. This means many more applications for running 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 crypto companies was able to advertise on Facebook because the platform recognized a small number of regulatory licenses. According to the updated policy, the following crypto products and services can now receive written permission to run ads on Facebook:
- Cryptocurrency exchanges and trading platforms
- Cryptocurrency lending and borrowing services
- Cryptocurrency wallet
- Cryptocurrency mining infrastructure
Further to the above, products and services related to blockchain technology, crypto news, education, payment methods and merchandise can be advertised without prior written permission. A Meta spokesperson confirmed to Cointelegraph that the changes also impact Instagram, which is also owned by the company.
Meta explained that the updated policy reflects the maturation and increased regulation of the crypto industry, namely:
“[O]ver the years the cryptocurrency landscape has matured and stabilized and experienced an increase in government regulation, which has helped to set clearer responsibilities and expectations for the industry. Going forward, we will be moving away from using a variety of signals to confirm eligibility and instead requiring one of these 27 licenses.”
Facebook rebranded to Meta in October to reflect its 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 @Meta — 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
Facebook initially banned cryptocurrency and initial coin offering advertisements in January 2018 over concerns of so-called “deceptive promotional practices.” Around six months later, the company reversed its blanket ban on crypto ads but maintained a long list of prohibited products and services.