Cryptocurrency advertising on social media has been a big issue throughout the year. Over the years, we’ve covered a lot of the back and forth at Bitcoinist and its sister network NewsBTC.
In recent months, Google modified their cryptocurrency ad policy, demonstrating a minor boost in favorability when it comes to crypto platforms advertising on Google channels.
Now that Facebook has been rebranded as Meta, it is making it simpler for crypto platforms to place adverts on its social media channels.
For some years, Facebook has been involved in the cryptocurrency discourse. Last month, the company’s rebranding to Meta created a metaverse frenzy in crypto, and Meta CEO Mark Zuckerberg has long expressed a desire to establish something more than a social networking platform.
However, thus far, attempts have largely failed. Both the company’s piloting wallet project, Novi, and the unannounced crypto project Diem (a rename of a former Facebook token project, Libra), have received significant resistance from U.S. government officials. Libra made its debut in the market in 2019. Furthermore, as mentioned above, the inventor of the pilot has informed the company that he would be leaving, adding to the firm’s future issues.
However, this week’s move demonstrates that Meta still has a genuine interest in expanding crypto involvement – in some manner.
What has truly changed here? Previously, Meta demanded potential crypto marketers submit an application that contained any licenses, public stock listings, and other specific information. With this week’s update, crypto exchanges and wallets will be able to advertise on the platform even if they only have one of a possible 27 regulatory licenses. To begin the month of December, the news was made via a blog post on the platform’s website.
Looking back in time, cryptocurrency advertising, in general, is undoubtedly at its height. Social media sites are growing more amenable to more liberal crypto policies, and large exchanges are establishing themselves and investing significant marketing resources.
Will this be the first step for Meta in reversing its years of misery and blunders in the crypto space?