Facebook reversed its crypto ad Ban after the strong NFT and metaverse push which means we will start seeing more advertisements for crypto and blockchain on the site. In our latest cryptocurrency news, we are learning more about it.
Facebook reversed its crypto AD ban and the company issued a statemetn saying:
“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.”
Crypto advertisers like exchanges, wallets, mining software, and lending applications needed to present the social media company with tons of information and obtain one of the three regulatory licenses to post on Facebook but now all that’s history. Facebook renamed itself to Meta to outline its metaverse ambitions. In 2018, the company banned crypto ads on the platform saying that they are aiming to protect the older investors that rely on social media to learn new information which can be harmful and can end up being defrauded. At that time, Facebook wrote:
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs, and cryptocurrencies that are not currently operating in good faith.”
The company added that its policy was broad intentionally as it refined the tools for detecting deceptive ads. The ban had ramifications on the Facebook platform but also on Instagram. Celebrity influencers like Kim Kardashian posted a paid promotion on IG of ETH Max which was a token that shortly won the hearts of many celebrities this summer. Though the ban was decried across the crypto industry, the reversal came at a suspicious time for the tech company. While reportedly becoming more mature in recent years, crypto went mainstream with Robinhood, Coinbase, and other apps making it quite easy to purchase and boosting the prices.
Ironically, the reversal came one day after Facebook executive David Marcus decided to depart from Novi which is the crypto wallet by Facebook that has been in the works since 2018. Marcus stayed away from Facebook’s attempts to build its own cryptocurrency Diem which hasn’t been released yet.
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