• Facebook (Meta) lifts its ban on cryptocurrency advertisements

  • Now that Facebook has been rebranded as Meta, it is making it easier for crypto platforms to run advertisements on their social media channels.

    Facebook and a New Perspective?

    For several years, Facebook has been involved in the cryptocurrency conversation. The company’s rebranding to Meta last month sparked a metaverse frenzy in crypto, and Meta CEO Mark Zuckerberg has long expressed a desire to build something more than a social media platform.

    However, so far, efforts have largely failed. Both the company’s piloted wallet project, Novi, and the unreleased crypto project Diem (a rebrand of a previous Facebook token project, Libra), have received significant pushback from U.S. congressional representatives. Libra made its debut at a market in 2019. Furthermore, the creator of the aforementioned pilot program has informed the company that he will be leaving, adding to the firm’s future challenges.

    However, this week’s move demonstrates that Meta still has a vested interest in furthering crypto engagement – in some capacity.

    So, What Have Changed?

    What has truly changed here? Previously, Meta demanded that crypto marketers submit an application that included any licenses, public stock listings, and other detailed information. With this week’s update, crypto exchanges and wallets will be able to advertise on the platform even if they only have one of a possible 27 regulatory licenses. To begin the month of December, the announcement was made via a blog post on the platform’s website.

    Looking back in time, cryptocurrency advertising in general is arguably at its peak. Social media platforms are becoming more receptive to more lenient crypto policies, and major exchanges are establishing themselves and spending significant marketing dollars to do so.

    Will this be the first step for Meta in reversing its years of misfortune and blunders in the crypto space?

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