Meta, previously known to everyone as Facebook, has made some updates for running cryptocurrency ads in its criteria. The company has expanded the number of regulatory licenses from a meager 3 to 27. The company’s also gone public with this list for the very first time, having said licenses appear on their policy page.
Meta has divided all crypto companies into two categories, with the defining factor being whether or not written approval is required prior to listing ads. In the company’s eyes, Tax services, news outlets, as well as education sources pertaining to crypto do not in fact need prior approval. Add to that, crypto wallets that allow users to only store assets without the ability to buy and sell. However, crypto exchanges, trading platforms, and crypto-wallets offering full-service and mining-related hardware and software all require approval.
Previously, advertisers that needed approval had to turn in various pieces of information for their eligibility such as whether they were publicly traded, licenses they obtained, or any other background information. However, now all that’s really needed is one of the new 27 licenses that are available for various regions across the globe.
Regarding the announcement, the Meta business team said “We’re doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules for their industry.”
While it’s good to note that advertisers who were already approved won’t have any issue regarding this new change at all, certain crypto products such as cryptocurrency exchanges, trading platforms, crypto wallets and mining-related hardware and software will continue to require a pre-approval.
It’s a good sign that Facebook’s eased up around crypto since the ad ban back in 2018. Since then, those restrictions have been lifted alongside the announcement of Facebook’s very own stablecoin project, now under the moniker “Libra”, though that has not yet launched.