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Facebook ends ban on crypto ads

Facebook chief Mark Zuckerberg announced Thursday that he will change the name of the parent company to “meta” to represent the future beyond troubled social networks.

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Facebook announced on Wednesday a decision to revoke a long-standing policy that prevented most crypto companies from advertising on their services.

This move happens after a company, now called Meta, fails to launch a cryptocurrency that can be used to send money online to anyone in the world via Facebook products. David Marcus, head of Facebook’s cryptocurrency efforts, announced on Tuesday that he would leave the company at the end of the year.

Earlier, the company stated that advertisers could submit an application and include information, including the licenses they obtained.

Going forward, the company has increased the number of regulatory licenses it accepts from 3 to 27.

“We are doing this because the cryptocurrency situation has matured and stabilized in recent years, and more government regulations are setting clearer rules for the industry,” the company said in a statement. rice field.

The company banned cryptocurrency advertising in January 2018, but slightly reduced the ban in May 2019. The ban has prevented startups in the cryptocurrency and blockchain space to promote their work on Facebook and Instagram and reach potential customers.

Henry Love, a former employee of Facebook’s small business team, said the company’s new policy is huge for the crypto industry and will give more retail investors access to cryptocurrencies than ever before.

Love, managing partner of Fundamental Labs, which has invested $ 500 million in the cryptocurrency industry since 2016, said: .. “This is a game changer for mass adoption.”

Another former Facebook employee, Emad Hasan, said the new policy will also benefit start-ups working on blockchain, the technology used to make cryptocurrencies work.

“These companies weren’t able to advertise on Facebook. They couldn’t drive people to convert fiat to cryptocurrencies,” said a start-up that helps brands target high value. Hasan, CEO of Retina AI, said. Customers on social media. “This will allow the average everyday person to do this.”

Facebook drastically reduced its own ambitions for cryptocurrencies last year. After outlining its currency and digital wallet plans in 2019, Facebook faced fierce backlash from lawmakers and regulators around the world. The company finally released its digital wallet product Novi in ​​October. However, the digital currency, now named Diem and operated by an independent association, remains undisclosed to the public.

Facebook ends ban on crypto ads

Source link Facebook ends ban on crypto ads

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