Facebook Reverses Ban On Crypto Adverts

Meta, formerly known as Facebook, has gone back on its decision to ban cryptocurrency adverts on its platforms.

In a statement, the company said it was reserving the decision which it made in January 2018 as the crypto landscape continues to “mature and stabilise.” Meta also said that new government regulations had provided clearer rules for the sector.

Crypto companies will now have access to the more than 3 billion people who use Meta’s platforms across the world. These include Facebook, Instagram, and WhatsApp. 

Meta also plans to expand the number of regulatory licenses it accepts from 3 to 27, though advertisers still require written permission from the company before moving to promote crypto exchanges, lending and borrowing, crypto wallets, and crypto mining tools. 

These changes will help to make our policy in this space more equitable and transparent and help more advertisers, including small businesses, grow their audiences and reach more potential customers,” Meta said. “Cryptocurrency continues to be an evolving space and we may refine these rules over time as the industry changes.”

The move comes as Meta pushes toward the metaverse, a virtual world in which people can interact via digital avatars. It is hoped that the metaverse will support crypto payments and other blockchain-based technologies. 

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