TL;DR Breakdown
- Facebook begins crypto ad after changing name to Metaverse.
- Sights crypto growth as reason for resuming ads among other reasons.
- When Facebook placed ban on crypto back in 2018.
Number one and most popular social media platform, Facebook has announced on Wednesday that it would resume cryptocurrency advertisement on the platform.
The company made the announcement in a statement titled ‘Expanding Eligibility to Run Ads About Cryptocurrency.
Facebook highlighted two basic reasons it is making it easier to run crypto ads on its platforms: growth in the crypto space, help the social media and small businesses grow.
“We’re making it easier to run ads about cryptocurrency on our platform by expanding the number of regulatory licenses we accept. 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, Facebook wrote.
However, it is worthy to note that the decision to resume crypto ad comes weeks after Mark Zuckerberg, the CEO, announced the social media was changing its name to Metaverse.
When Facebook previously placed a ban on crypto ad
Back in January 2018, Facebook halted crypto ads saying it became necessary for it to protect mom-and-pop investors—the types of everyday folks who rely on the social network for hometown gossip and world news alike—from fraud.
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” it wrote at the time. “That said, there are many companies who are advertising binary options, ICOs, and cryptocurrencies that are not currently operating in good faith.” It added that the policy was “intentionally broad” as it refined its tools for detecting deceptive ads.
However, despite relaxing criteria for allowing crypto ads, it warned that it would continue enforcing policies and remove misleading and harmful ads that break its rules.
