The social media giant is lifting the ban it placed on crypto advertisements
Facebook has always been known for its strict and ever-changing ad policy, especially finance-related advertisements.
In January 2018, the company banned advertisements promoting cryptocurrencies across all its platforms.
The ban was established to prohibit “misleading or deceptive promotional practices” like initial coin offerings (ICOs), which increased in popularity during the spike in the price of cryptocurrencies in 2017/18.
Facebook regularly blocked the accounts of those who tried to circumvent the policy.
On Wednesday, December 1, 2021, the social media company rescinded that decision. They made the announcement via press release.
“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.
“These changes will help to make our policy in this space more equitable and transparent and help more advertisers, including small businesses, grow their audiences and reach more potential customers,” Meta mentioned in its statement.
In recent times, the company has gotten a lot of criticism for banning cryptocurrency-related ads.
Sometime in October 2021, CNBC highlighted the ban’s impact on San Francisco start-up, Bloom.
Bloom uses blockchain technology to help people control the use of their data online. It had forked out hundreds of thousands of dollars on Facebook ads to promote its services and expand its customer base but saw all of its ads suddenly banned by the social network.
“It’s good to see them (hopefully) evolve their stance on new technology that puts users in control of their data,” Bloom’s Shannon Wu said in a statement to CNBC.
Facebook, now Meta, initially tried and failed to launch its cryptocurrency, Libra (Diem), which it hoped would power global peer-to-peer and merchant payments.
The cryptocurrency failed due to kickbacks from lawmakers and regulators in Europe and the US. However, the company released a digital wallet called Novi in October 2021.
Rumour has it that the tech company allows crypto ads because it hasn’t given up on its dreams to tap into the crypto payment industry.
This is very reflective in its name change from Facebook to Meta.
According to the Wall Street Journal, the firm has been in talks with many financial firms and e-commerce companies to support its crypto initiatives.
Whatever its reasons are, this move by Facebook is a big win for the crypto community.
New crypto projects now have access to over 3 billion users on Facebook and other related platforms. Information on ICOs, Presales, and Airdrops can now reach more enthusiasts.
For crypto companies, they can now freely advertise their products and services without fear of being blacklisted by the owners of two of the biggest social media platforms in the world
