Meta is reconsidering its long-standing (if not absolute) ban on cryptocurrency advertisements.
According to CNBC, Meta has significantly relaxed its ban by increasing the number of regulatory licenses it accepts from three to 27. According to the company, the crypto landscape has “matured and stabilized” enough to justify the change of heart, including increased government regulation that establishes “clearer responsibilities and expectations.”
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Advertisers must still obtain written permission before running advertisements for cryptocurrency exchanges, lending and borrowing, crypto mining tools, and wallets that allow you to buy, sell, stake, or swap tokens. This does, however, open the door to cryptocurrency businesses that were previously unable to run advertisements, as well as would-be investors who may be unfamiliar with the market.
It’s unclear whether any other factors played a role in the reversal, but the timing is noteworthy. The change comes just one day after Meta’s crypto overseer, David Marcus, announced his departure from the company. He spent roughly two years attempting to launch Meta’s cryptowallet Novi, with only a small test run so far. Diem, the company’s in-house cryptocurrency, has had an even more difficult time — it has yet to launch due to regulatory objections and scaled-back ambitions.
Meta isn’t necessarily giving up on Diem. After all, that project is run independently. This could simply be due to the passage of time. While cryptocurrency remains volatile and subject to regulatory uncertainty, the risks are now low enough that Meta isn’t concerned about problematic sales pitches.
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