The world’s most recognized social media platform, Facebook decides to reverse its current policy regarding crypto ads. The actual company, Meta announced the invalidation of its long-standing policy to ban crypto ads in the platform on Wednesday.
Therefore, most of the cryptocurrency companies now can run ads within Facebook’s current services. Not to mention, the media itself decided to launch its own crypto asset for worldwide trading.
However, multiple reasons doomed the idea soon enough without any potential existence. And the failure is likely to deliver the U-turn of FB’s long-lasting crypto ad policy.
Even head of the Facebook cryptocurrency, David Marcus announced his departure by the end of 2021. It’s yet to understand whether Facebook still plans on crypto to send money anywhere, anytime.
Facebook banned all kinds of crypto ads back in January 2018. The banishment was somewhat scaled back in May 2018 over regulations. And now the3 restraints are being completely taken off.
The company would demand a submitted application with license and market trading information. Even relevant public background remained essential in the previous policy. But the company eventually accepts regulatory licenses between 3 to 27.
Yet, the previous policy prevented startups relating to cryptocurrency/blockchain fields from promotion. But the new decision should impact the crypto world heavily, allowing customer access.
Meta already released a statement to the public about its decision on crypto ads across the platform. It denoted the crypto world as its landscape continued to mature and stabilize with time. Also, the world included further government regulations to clarify the rules.
A former Facebook employee, Henry Love, denoted the decision as ‘huge’ for the crypto business. ‘This is a game-changer for mass adaption’ – he added.
Another former employee, Emad Hasan, said it would be a boon for startups in the blockchain and crypto sectors. “This will enable the average day-to-day person to do this’ – he mentioned.
Facebook or Meta significantly took high ambitions in crypto for the last years. The company finally released its digital wallet called Novi in October. It later changed its name to Diem, remaining unavailable to public users.