Facebook (Meta) Removes It’s Ban Of Crypto Ads
Crypto advertising on social media has been a hot topic throughout the year. We’ve covered much of the back and forth both at Bitcoinist and over at our sister network NewsBTC over the years.
A prime example of this occurred in recent months Google shifted their cryptocurrency ad policy, in what seemed to show a slight increase in favorability when it comes to crypto platforms advertising on Google channels.
Now Facebook, now rebranded as Meta, is making it easier for crypto platforms to run their advertisements on their social media channels.
Facebook & A Changed Perspective?
Facebook has been no stranger to the crypto conversation for several years now. The company’s rebrand to Meta last month sparked a metaverse extravaganza in crypto, and Meta CEO Mark Zuckerberg has shown a long-time interest in building much more than a social media platform.
However, efforts thus far have mostly fallen flat. The company’s piloted wallet project, Novi, as well as unreleased crypto project Diem (a rebrand of previous Facebook token project, Libra), have both faced substantial pushback from U.S. congressional representatives. Libra was first brought to a stall in 2019. Furthermore, the creator of the aforementioned pilot program has told the company that he will be departing, adding more challenges for the firm looking forward.
However, this week’s move shows that Meta still has a vested interest in furthering engagement in crypto – in some sort of capacity.
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Throughout most of this week, much of the NASDAQ has been seeing red. Despite Meta Platforms adjustments on crypto advertising, it was not exempt from a major dip so far this week. | Source: NASDAQ: FB on TradingView.com
So, What Are The Changes?
What’s really changed here? In the past, Meta required crypto marketers to submit an application that included any licenses, any public stock listings, and other detailed information. This week’s change will allow crypto exchanges and wallets to be qualified to advertise on the platform if they possess just 1 of a potential 27 regulatory licenses. The announcement came via a blog post on the platform’s site to start off December.
Crypto advertising more broadly is arguably at it’s peak when looking back historically. Social media platforms are becoming increasingly receptive to more lenient policy around crypto, and major exchanges have been establishing themselves and spending substantial marketing dollars to do so.
Will this be the first step for Meta in turning the tide of it’s years of misfortune and mis-steps in the crypto space?
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Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.