Facebook is making it easier forcrypto firms to run advertisements on its platform in a reversal of previous policies.- The social media giant is expanding the number of regulatory licenses it accepts from 3 to 27.
$4 is making it easier for cryptocurrency companies to run advertisements on its platform, reversing its previous policies as the digital asset space expands and regulatory clarity slowly crystallizes.
The social media giant, whose parent firm is
Previously, Facebook required companies that wanted to promote crypto ads to submit an application and include other information such as whether they had any licenses they obtained or whether they were publicly listed stock.
At present, Facebook said if the advertiser has one of the eligible regulatory licenses, its ad will be approved.
"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," Facebook said in a $4.
Facebook noted that advertisers who were previously approved would not be impacted by the change.
In $4, the company banned all ads related to crypto in a bid to crack down on scams and fraud following the boom in initial coin offerings. Six months later in $4, Facebook reversed its ban by allowing pre-approved businesses to promote certain services.
Then in $4, Facebook relaxed its ban on crypto-related ads as rumors swirled about its own ambitions in the crypto space, and news leaked out about the efforts of its secretive blockchain team. Around the same time, Facebook introduced its Libra cryptocurrency project.
"Cryptocurrency continues to be an evolving space and we may refine these rules over time as the industry changes," Facebook added.
The policy update comes after David Marcus, the executive who helmed Facebook's crypto projects, announced his $4 Tuesday. Marcus led the creation of Novi, the company's digital wallet, and co-created Diem, the company's stalled digital currency.