Meta, formerly Facebook, announced that it is easing advertising restrictions for cryptocurrency marketers, opening the way for more crypto-exchanges and trading platforms to participate in the platform.
On Wednesday, Meta sent notice to advertisers of the changes in its crypto ads policy, including accepting more types of regulatory certification that helps validate the integrity of the companies in the world of cryptocurrencies. Facebook previously only accepted three types of regulatory licenses, and now there will be 27. Regulatory licenses come from financial oversight organizations in a variety of countries, and companies fall under their rules when they take steps like going public.
Meta’s move to allow more crypto ads is a sign that the Bitcoin industry is becoming more mainstream and the startups in the space are more recognizable. In 2018, Facebook banned any ads that promoted crypto-based products and services, and now there are companies like FTX, Coinbase and Crypto.com advertising on the social network. In 2019, Google also banned crypto ads until it refined its policies this year to allow promotions for products like crypto-wallets and exchanges.
“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,” Meta’s team wrote in a blog post on Wednesday announcing the new policies.
Cryptocurrencies like Bitcoin, Ethereum, Litecoin and Dogecoin, and the apps that fuel the ecosystem, have been receiving more attention as they attract more retail investors that can buy and sell coins on exchanges. There have been concerns around some projects and coin offerings that could dupe investors, but the Bitcoin market has been holding strong. The currency is currently at close to $58,000, near its all-time highs. However, prominent U.S. leaders, including former Secretary of State Hillary Clinton, have advocated for more regulations of cryptocurrencies and warned that markets are subject to manipulation.
The concerns were part of the reason digital ad platform heavily restricted what crypto-companies could hawk online. Facebook and Google both still ban ads that promote coin offerings, which are when new cryptocurrencies launch, often with much hype.
This year, Coinbase become the largest cryptocurrency exchange to hold an initial public offering. Robinhood, the stock buying app, which also facilitates crypto-trading, went public. Crypto companies are becoming more prominent marketers, in general. This month, Crypto.com bought the naming rights to the Staples Center, the home of the NBA’s Los Angeles Lakers.
FTX works with NFL star Tom Brady and his wife supermodel Gisele Bündchen, among other celebrities and athletes, and the company is set to run a Super Bowl commercial next year.
Meanwhile, Facebook recently changed its name to Meta, which in part was an effort to position the company and its platforms to work with the next-generation of tech startups that will become part of the fabric of the “metaverse.” Cryptocurrencies are playing a part in the growing economy within the “metaverse,” which is an alternative online world.
“Cryptocurrency continues to be an evolving space and we may refine these rules over time as the industry changes,” Meta said on Wednesday.