Meta is abandoning its long-standing (if not absolute) ban on cryptocurrency advertising. According to CNBC, Meta ended its ban by expanding the number of regulatory licenses it accepts, from three to 27. The crypto scene has “matured and stabilized” enough to justify a change of opinion, the company said, including increased government regulations that set “clearer responsibilities and expectations ”.
Advertisers still need written permission to place ads for cryptocurrency exchanges and loans, cryptocurrency mining tools, and wallets that allow you to buy, sell, invest, or exchange tokens, Engadget reports. This, however, opens the door to businesses that work with cryptocurrencies that previously could not display ads, not to mention potential investors who may not be familiar with the market.
It is not clear whether some additional factors played a role in the turnaround, but timing is more than important. The turnaround comes just a day after Matt’s crypto supervisor, David Marcus, said he was leaving the company. He spent about two years trying to run Meta’s crypto wallet Novi, so far only managing to run a minor test. The company’s in-house cryptocurrency, Diem, had an even harder time and is yet to come to life, after regulatory objections and reduced ambitions.
Meta does not necessarily have to admit the demise of Diem. This project, however, is being run independently and this may simply be a reflection of difficult times. Although the cryptocurrency is still full of volatility and regulatory uncertainty, the risks are now low enough so that Meta is not too worried.