Facebook reverses cryptocurrency advertisement ban

On Wednesday, Facebook announced its decision to end the much-awaited policy that obstructed many crypto firms from running advertisements on its services.

The stance comes post the firm, which is now renamed as ‘Meta’, tried and failed to introduce crypto that could be utilized to send money online to anyone worldwide through Facebook products. On Tuesday, David Marcus, the head of Facebook’s crypto efforts, declared that he will be leaving the firm at the end of the year.

Earlier, the firm said advertisers could submit an application and add information like any licenses owned by them, relevant public background on their business, or whether they were traded on a public stock exchange. Further, the firm is increasing the count of regulatory licenses it accepts from 3 to 27.

The firm prohibited crypto ads in January 2018 but reversed that ban a bit in May 2019. The ban had obstructed start-ups in the blockchain and crypto fields to reach potential customers on Instagram and Facebook and advertise their work.

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