Social media and Metaverse marketplace Meta has expanded eligibility requirements for running cryptocurrency advertisements on Facebook, giving companies more leeway to market digital asset product offerings. This acts as an incremental change to the crypto ads space, currently lead by dedicated crypto ad networks like Bitmedia.
Meta announced Wednesday that, effective immediately, it will recognize 27 regulatory licenses from advertisers, up from just three previously. This means many more applications for running cryptocurrency ads will be accepted. The changes are reflected in section 10 of Facebook’s updated advertising policy titled, “Cryptocurrency Products and Services.”
Before the update, only a narrow segment of crypto companies was able to advertise on Facebook because the platform recognized a small number of regulatory licenses. According to the updated policy, the following crypto products and services can now receive written permission to run ads on Facebook:
- Cryptocurrency exchanges and trading platforms
- Cryptocurrency lending and borrowing services
- Cryptocurrency wallet
- Cryptocurrency mining infrastructure
In addition, products and services related to blockchain technology, crypto news, education, payment methods and merchandise can be advertised without prior written permission. A Meta spokesperson confirmed to Cointelegraph that the changes also affect Instagram, which is owned by the company.
Facebook rebranded to Meta in October to reflect its growing ambitions beyond traditional social media. As Cointelegraph reported, the company wants to build a “metaverse” that connects digital social media with the physical world.
Facebook initially banned cryptocurrency and initial coin offering advertisements in January 2018 over concerns of so-called “deceptive promotional practices.” Around six months later, the company reversed its blanket ban on crypto ads but maintained a long list of prohibited products and services.
NFTandGameFi spoke to Tanya Petrusenko of Bitmedia to find out how will this change the market for the existing crypto ad platforms and these were her remarks…
We are glad that conventional ad platforms are starting to realize that not all crypto projects bring harm to the society. It is this notion that Bitmedia tries to introduce to the market and the larger the range of tools that helps blockchain projects reach their prospective users, the better.
This article was originally published on Cointelegraph