Facebook changes its policy and will allow more cryptocurrency ads
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Answer Facebook changes its policy and will allow more cryptocurrency ads
In a reversal of its previous policy, Meta Platforms Inc, formerly known as Facebook, announced Wednesday that it will expand eligibility requirements to run cryptocurrency ads.
The company banned cryptocurrency ads in January 2018, but scaled back that ban slightly in May 2019.
It then told Meta that advertisers could place an order and include information including any licenses they had.
From now on, Facebook will increase the number of regulatory licenses it accepts from three to 27.
A spokesperson for Meta explained to CNBC that it will continue to reject crypto ads from companies that do not offer one of the 27 regulatory licenses the company accepts.
Read:Canadian regulator adds cryptocurrency “Bybit” to list of platforms to watch out for
The company’s statement said:
We do this because the cryptocurrency scene has continued to mature and stabilize in recent years and has seen more government regulations setting clearer rules for their industry.
According to “CNBC”, this move comes after Facebook tried and failed to launch its cryptocurrency to send it around the world using Facebook’s services.
Facebook has outlined plans for a digital currency and wallet in 2019, but the move raised red flags from lawmakers and regulators.
Meta’s decision comes a day after David Marcus, the leader of the company’s crypto efforts, announced that he would be leaving at the end of the year.
Marcus founded Zong, a mobile payment company that PayPal acquired in 2011 for $240 million in cash.
In May, Marcus announced that the company had launched “Novi,” a new name and brand for a digital wallet that will help people send and hold Libra cryptocurrencies.
The digital currency is operated by an independent association and is not accessible to the public.
Previous ad bans prevented crypto and blockchain startups, the technology used to make cryptocurrency work, from promoting their work and reaching potential customers on Facebook and Instagram.
Read:Ripple Co-Founder: I Have Bitcoin and I Refuse to Ban Bitcoin
A former Facebook employee told CNBC that Facebook’s move to allow crypto advertising is opening the door for retail investors to access cryptocurrency more than ever.
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