Facebook Unblocks Bitcoin Ads in Huge Boost for Crypto Industry

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Meta, formerly Facebook, has lifted its ban on cryptocurrency ads on 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 company’s various platforms, including Instagram, WhatsApp and Facebook itself. .

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The ban was originally introduced in January 2018 in an effort to ban ‘deceptive or deceptive promotional practices’ such as initial coin offerings (ICOs), which gained popularity during the crypto market rally of 2017. / 18.

Since then, the cryptocurrency industry has evolved considerably, with milestones including the first crypto exchange to go public via Coinbase’s Nasdaq listing, with El Salvador becoming the first country in the world to recognize bitcoin as legal tender. and massive corporate investment in cryptocurrency through companies like MicroStrategy, SpaceX, and Tesla.

“We are doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more and more government regulations setting clearer rules for their industry,” Meta said in a statement. .

“This change will help make our policy more fair and transparent and allow more advertisers, including small businesses, to use our tools and grow their business.”

The policy update follows the social media giant’s decision to turn to the metaverse, which will likely support some form of payment through cryptocurrency and other blockchain-based technologies, like Non-fungible tokens (NFT).

The news also comes just a day after Facebook chief David Marcus announced his departure from the tech giant, having failed in his attempt to launch the Libra and then Diem cryptocurrency.

The crypto project met with resistance from lawmakers and regulators in Europe and the United States, but the company was able to release a digital wallet called Novi in ​​October under the leadership of Mr Marcus.

“While there is still so much to do right after the launch of Novi – and I’m still just as passionate about the need to change our payment and financial systems as ever – my entrepreneurial DNA has driven me for too many mornings in a row. continue to ignore it, ”he wrote on Twitter announcing his decision to resign.

“I find comfort and confidence in knowing that they will continue to carry out our important mission well under [new Novi leader] Stéphane Kasriel’s leadership, and I can’t wait to witness it from the outside. I know there is greatness to come.

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