Facebook’s parent, Meta Platforms Inc., is making it easier for companies to run ads related to cryptocurrency on its services.
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Earlier, advertisers could submit an application to run ads and include and include information such as any licenses they obtained, whether they are traded on a public stock exchange and other relevant public backgrounds on their business.
Meta said it is expanding the number of licenses it accepts from three to 27 and made the list of eligible licenses publicly available on its policy page.
“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,” the company said in a statement.
Advertisers who were previously approved will not be impacted by this change and the list of products and services that require pre-approval also won’t change, Meta added.
Facebook had previously banned cryptocurrency ads in 2018 before scaling back the ban to some extent in 2019. The ban did not allow start-ups and crypto firms to promote their companies on social media platform.
The company had to water down its own cryptocurrency venture after heightened regulatory scrutiny. Its top executive leading cryptocurrency efforts, David Marcus, will be leaving the company by the end of the year.
