Facebook Lifts Ban on Crypto Ads

Facebook Lifts Ban on Crypto Ads

Facebook decided on Wednesday to withdraw a long-standing policy that prevented most cryptocurrency companies from advertising on their services. The move comes after a company now called Meta failed to launch a cryptocurrency that could be used to send money online to anyone in the world via a Facebook product. David Marcus, head of the cryptocurrency at Facebook, announced on Tuesday that he would arrive at the end of the year.  

The company has previously indicated that advertisers may apply for and include information, including licenses, obtained whether or not they are listed on a public stock exchange or other relevant open business sources. In January 2018,  the company further increases the number of permitted regulatory licenses from three to 27. “We are doing this because the cryptocurrency landscape has continued to evolve and stabilize in recent years, and there are more government regulations that set clearer rules for the industry,” the company said in a statement.

The company banned cryptocurrency ads but lowered the ban slightly. The ban has affected cryptocurrencies and blockchains to promote their work and attract potential customers on Facebook and Instagram. Henry Love, a former employee of Facebook's small business team, said the company's new policies will have a huge impact on the crypto industry and give more private investors access to crypto.

Love, a managing partner at Fundamental Labs, which has since invested $500 million in the cryptocurrency industry, said, “With greater openness and transparency in what cryptocurrency companies can do, adoption of the cryptocurrency industry and metaverse is greater than ever before. It will be lost,” he said. 2016.

“This is a revolutionary breakthrough for mass adoption.” Another former Facebook employee, Emad Hassan, said the new policy will also help startups researching blockchain,  the technology used to power cryptocurrencies. “These companies were unable to advertise on Facebook. They couldn't get people to convert fiat to cryptocurrency. “It will allow ordinary people to do it.” Facebook has significantly lowered its cryptocurrency ambitions over the past year.

With plans for a currency and digital wallet in 2019, Facebook has met a strong backlash from legislatures and regulators around the world. In October, the company finally launched a Novi product. However, the digital currency currently called Diem and operated by an independent association remains unrealized to the public.

Explanation: After posting, a company spokesperson said Facebook would continue to reject advertising in cryptocurrency from companies that do not submit one of the 27 regulatory licenses the company accepts.