Facebook reverses its policy of crypto currency ad banwritten by Bella Palmer
The move comes after the company tried and failed to launch a crypto currency that could be used to send money online to anyone in the world via Facebook products
Facebook on Wednesday announced its decision to reverse long-standing policy that prevented most crypto currency companies from running ads on its services.
The move comes after the company, which is now called Meta, tried and failed to launch a crypto currency that could be used to send money online to anyone in the world via Facebook products. The head of Facebook’s crypto currency efforts, David Marcus, announced on Tuesday that he will be leaving the company at the end of the year.
Previously, the company said advertisers could submit an application and include information including any licenses they obtained, whether they were traded on a public stock exchange or other relevant public background on their business.
Going forward, the company is expanding the number of regulatory licenses it accepts to 27 from 3.
We’re doing this because the crypto currency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules for their industry, the company said in a statement.
The company banned crypto currency ads in January 2018 but scaled back that ban slightly in May 2019. The ban had prevented start-ups in the crypto currency and blockchain fields to promote their work and reach potential customers on Facebook and Instagram.
Henry Love, a former employee on Facebook’s small business team, said the company’s new policy is huge for the crypto industry and will allow more retail investors to access crypto currencies than ever before.
With more openness and transparency for what crypto companies can do, we will see more adoption for the crypto currency industry and the metaverse than ever before, said Love, managing partner of Fundamental Labs, which has invested $500 million in the crypto currency industry since 2016. He said this is a game changer for mass adoption.
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