Facebook Removes Bitcoin Ad Ban Across It's Platforms
The move will allow bitcoin exchanges, wallets and other crypto companies to advertise their offerings to more than 3 billion people around the world who use the firm’s various platforms.
These platforms include some of the biggest names in social media such as Instagram, WhatsApp and Facebook itself.
Facebook originally introduced the ban back in January 2018. This was part of an effort to prohibit “misleading or deceptive promotional practices” like initial coin offerings (ICOs), which saw a surge in popularity during the crypto market rally of 2017/18.
Since 2018, the crypto industry has significantly evolved. Recent milestones include the first crypto exchange to go public through Coinbase’s Nasdaq listing, El Salvador becoming the first country in the world to recognise bitcoin as legal tender, and massive corporate investment in cryptocurrency through companies like MicroStrategy, SpaceX and Tesla.
Meta explained, “We’re doing this because the cryptocurrency landscape has continued to mature and stabilise in recent years and has seen more government regulations that are setting clearer rules for their industry.”
The tech company then added, “This change will help make our policy more equitable and transparent and allow for a greater number of advertisers, including small businesses, to use our tools and grow their business.”
The reverse of the crypto ban follows the companies decision to move towards a metaverse. The new landscape will likely support cryptocurrency payments as well as other blockchain initiatives such as NFTs.
The announcement also comes the day after Facebook executive, David Marcus, departed from the tech giant, having failed in his attempt to launch the Libra and then Diem cryptocurrency.
The exec announced his decision to quite on twitter saying, “While there’s still so much to do right on the heels of launching Novi – and I remain as passionate as ever about the need for change in our payments and financial systems – my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it.”
“I find comfort and confidence in knowing that they will continue to execute our important mission well under [new Novi leader] Stephane Kasriel’s leadership, and I can’t wait to witness this from the outside. I know there’s greatness ahead,” he added.