Meta, formerly known as Facebook, has lifted its restriction on cryptocurrency ads across all of its platforms.
The move will give bitcoin exchanges, wallets and other crypto companies access to more than 3 billion people around the world who use the firm’s various platforms, which include Instagram, WhatsApp and Facebook itself.
Facebook was not the only company to combat crypto ads. Google banned cryptocurrency ads in March of 2018, a few months after Facebook’s decision.
The ban was first enacted in January 2018, with the goal of prohibiting “misleading or deceptive promotional practices” such as initial coin offerings (ICOs), which grew in popularity during the 2017/18 crypto market surge.
Since then, the cryptocurrency industry has progressed significantly, with notable milestones including Coinbase’s Nasdaq listing as the first crypto exchange, El Salvador’s recognition of bitcoin as legal tender, and massive corporate investment in cryptocurrency by companies such as MicroStrategy, SpaceX, and Tesla.
“We’re doing this because the cryptocurrency landscape has continued to mature and stabilise in recent years and has seen more government regulations that are setting clearer rules for their industry,” Meta said in a statement.
“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.”
This news comes just one day after Facebook executive David Marcus announced his retirement from the company after failing to launch the Libra and then Diem cryptocurrency projects.
Under Mr Marcus’ supervision, the crypto project was able to deploy a digital wallet called Novi in October, despite opposition from lawmakers and regulators in Europe and the United States.
“While there’s still so much to do right on the heels of launching Novi – and I remain as passionate as ever about the need for change in our payments and financial systems – my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it,” he wrote on Twitter when announcing his decision to leave Facebook.
“I find comfort and confidence in knowing that they will continue to execute our important mission well under [new Novi leader] Stephane Kasriel’s leadership, and I can’t wait to witness this from the outside. I know there’s greatness ahead.”
