Meta, formerly known as Facebook, has updated its criteria for running cryptocurrency ads on its platform by expanding the number of accepted regulatory licenses from three to 27. The company is also making that list public for the first time, with the accepted licenses appearing on the policy page.
The tech giant splits crypto companies into two categories depending on whether prior written approval is needed to list ads. Tax services, news outlets and education sources related to crypto don’t need prior approval, nor do crypto wallets that only allow users to store assets without buying and selling. Crypto exchanges and trading platforms, full-service crypto wallets and mining-related hardware and software companies all require approval.
Advertisers needing approval previously had to submit several pieces of information to determine their eligibility, including whether they were publicly traded, any licenses obtained and other background information. Going forward, Meta will simply require one of the 27 licenses issued from regions around the world. The list includes Financial Conduct Authority Authorisation in the United Kingdom and the BitLicense issued by New York State.
“We’re doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules for their industry,” said the Meta for Business team in the announcement post.
Advertisers who were already approved won’t be impacted by the change. Certain crypto products and services will continue to require written pre-approval. The list includes cryptocurrency exchanges and trading platforms, crypto wallets and mining-related hardware and software.
Facebook has warmed to the crypto industry since the 2018 ad ban. The company started lifting those restrictions the following year, which is also when Facebook first announced its stablecoin project (now called Libra) that has yet to fully launch.
Source: Coin Desk