On Wednesday, Facebook made a U-turn on its long-standing policy against running crypto-related ads on its platform. This move sees the tech giant updating the number of regulatory licenses it accepts, from 3 to a whopping 27.
Facebook Publicizes Acceptable Licenses For The First Time
Meanwhile, for the first time ever, Facebook has now put up the list of acceptable licenses on its policy page. On the list, the tech giant groups crypto companies into two broad categories depending on whether or not they’d be needing a prewritten approval in order to be able to list ads.
Basically, this implies that exchange firms, mining-related companies, and trading platforms will all be needing prior approvals. Whereas, news and media outlets and education platforms that deal with crypto-related issues will not be needing any prior approval.
Before this recent move by Facebook, advertisers usually had to go through a tedious process of submitting several documents to prove their eligibility.
However, with the new announcement, companies will now only be required by Facebook, to submit just one of the listed 27 licenses from around the world. Amongst the accepted licenses, is the BitLicense, issued by New York State, and the United Kingdom’s Authorization of Financial Conduct Authority (FCA).
Warming Up To The Crypto Industry Perhaps?
Without any doubt, Facebook has definitely warmed up to the crypto industry since CNBC reported its banning of crypto ads back in 2018. The company first started reducing its restrictions in 2019 however, around the time Facebook also announced its own crypto — now called Libra. And now, the tech giant may have taken another huge step in the direction.
Facebook has insisted that it’s only easing its strict policies because the crypto environment has now become more stabilized in recent times.
Meanwhile, advertisers who have already been approved will not be affected by the new development. But as earlier mentioned, crypto products and services like exchanges and wallets will always require re-written approval.