Meta expands crypto ad eligibility on Facebook after getting 27 regulatory licenses

December 02, 2021

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Metaverse marketplace and social media giant Meta has announced its expansion in eligibility requirements for running crypto-related advertisements on Facebook, giving companies more scope to market digital products and services.

This Wednesday, Meta announced that effective immediately, it recognizes 27 regulatory licenses and approvals from advertisers, an increase from just three previously. This implies that a large number of applications for running crypto ads will be accepted now. The expansion is reflected in Section 10 of the updated advertisement policy of Facebook.

Before the expansion, only a handful of crypto companies were able to advertise on Facebook as the company recognized a lesser number of regulatory licenses.

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As per recently updated policy, the following crypto-related products and services will now receive written permission for running ads:

Crypto exchange and trading platforms
Crypto wallet
Crypto lending and borrowing services
Crypto mining infrastructure

Furthermore, without prior written authorization, product offerings and services linked to blockchain technology, cryptocurrency news, education, payment methods, and merchandise can be advertised on the platform. The changes, according to a Meta spokeswoman, also affect Instagram, owned by the company.

Meta further said that the new policy represents the increased regulation and maturation of the cryptocurrency industry.

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Facebook might contribute to crypto adoption

As TheCoinRise reported, Facebook’s rebranding to Meta in October displays its growing ambitions and vision beyond traditional social media.

However, Alexandria Ocasio-Cortez, popularly known by her initials AOC, labeled Facebook a “disease to democracy” after the company’s announcement of changing its brand name to Meta.

In January 2018, Facebook restricted crypto and initial offering ads from its platforms over the concerns of “deceptive promotional practices.” The company, however, reversed its blanket ban after six months over the crypto ban but maintained a long list of prohibited products.

This could be a stepping stone to the crypto adoption mission, and we can expect new faces coming to the industry in the near future.