Meta ‘relaxed’ crypto advertising terms on Facebook
Meta said will recognition 27 government licenses from advertisers – a nine-fold increase from the previous three – and are effective immediately. This means that there will always be more space for crypto ads. The changes are reflected in Section 10 of Facebook’s updated Advertising Policy, entitled “Cryptocurrency Products and Services”.
Previously, only a limited number of crypto companies could advertise on Facebook as the platform recognized a small number of government licenses. Under the new policy, the following crypto products and services can now receive written licenses to run ads on Facebook:
- Cryptocurrency platforms and exchanges
- Cryptocurrency credit and lending services
- Cryptocurrency wallet
- Cryptocurrency mining infrastructure
In addition, products and services related to blockchain technology, crypto messaging, education, payment methods, and goods can be promoted without prior written permission. A spokesperson for Meta confirmed that these changes are also having an impact on Instagram, which the company owns.
Meta stated that the updated policy reflects the maturation and strengthening of regulation of the crypto industry, namely:
“Over the years, the crypto landscape has matured, stabilized, and increased government regulation, which has helped set clearer responsibilities and expectations for the industry. In the future, we will not use a multitude of signals to confirm authorization, but instead request one of these 27 authorizations. ”
Facebook renamed itself Meta in October, reflecting its growing ambitions beyond traditional social media. The company wants to build a “metaverse” that connects digital social media with the real world.
Facebook initially banned the offering of cryptocurrencies and ICO ads in January 2018 due to concerns about “fraudulent advertising practices”. About six months later, the company lifted a mass ban on crypto advertising but kept a long list of restricted products and services.
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