Facebook has confirmed that it won’t stop crypto ads from appearing on the website anymore, after it banned them from the website in January 2018 in order to protect older adults.
The company stated:
“We’re doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules for their industry.”
In the past, crypto advertisers, such as exchanges, wallets, and mining software, had to reveal to the company plenty of information and at least one of three regulatory licenses, while now they can present only one of the 27 different available licenses.
When Facebook banned crypto ads in 2018, it said it wanted to protect older adults, since Facebook is their core demographic.
The company stated back then:
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs, and cryptocurrencies that are not currently operating in good faith.”
Of course, if you knew how, you could get away with it, as did Kim Kardashian who posted a paid promotion of Ethereum Max.
The ban was obviously criticized by the crypto community, who is now suspicious of the new decision which looks a bit too opportune for the company. With crypto going mainstream, and names like Coinbase and Binance, one can easily make money from crypto and crypto ads now without looking suspicious.
Since Facebook has also confirmed its plans for the metaverse, it is very fitting that the company has decided to make this decision.