It’s now easier to run ads about cryptocurrency on Meta. Businesses can now obtain a regulatory license instead of going through a whole application process.
Meta is expanding the number of regulatory licenses it accepts from three to 27, which should make many more businesses immediately eligible to run ads about crypto.
Previously, in order to run ads about cryptocurrency on Meta, businesses had to submit an application and include information about the licenses they have, whether they’re publicly traded on the stock exchange, and other relevant details.
Meta is moving away from relying on a multitude of signals to confirm whether a business can run ads about crypto.
Now, businesses can run ads about cryptocurrency simply by holding an eligible license.
Why Is Meta Changing Its Policies On Running Ads About Cryptocurrency?
Meta says it’s changing its policies because the cryptocurrency landscape has matured and stabilized in recent years.
In addition, more government regulations have been put in place that set clear rules for the industry.
As a result, Meta can make its policy on running ads about cryptocurrency more equitable and transparent.
What Does This Mean For Advertisers?
Advertisers who were previously approved to run ads about cryptocurrency will not be impacted by this change.
The list of products and services that require pre-approval also won’t change.
What is changing are the steps businesses have to go through to receive permission to run these types of ads.
Businesses that hold at least one of the 27 licenses and registrations accepted by Meta can receive permission to run ads about crypto.
In the United States, the acceptable licenses include:
- FinCEN MSB registration, Issuer: Financial Crimes Enforcement Network, (FinCEN)
- BitLicense, Issuer: Department of Financial Services, New York state (NYSDFS)
A full list of licenses is available on Meta’s policy page.
Who Needs Permission To Run Ads About Crypto?
The following types of businesses and service providers are required to obtain permission to run ads about crypto:
- Platforms, software apps or products known as cryptocurrency exchanges and trading platforms.
- Platforms, software apps, or products that offer cryptocurrency lending and borrowing.
- Cryptocurrency wallets that also allow people to buy, sell, swap, or stake their cryptocurrency tokens.
- Hardware and software for cryptocurrency mining.
Who Doesn’t Need Permission?
The following types of businesses and service providers are not required to obtain permission to run ads about crypto:
- Tax services for cryptocurrency companies.
- Events, education and news related to cryptocurrency (where no cryptocurrency products or services are on offer).
- Blockchain technology news.
- Services and products based on blockchain technology that are not a virtual currency, e.g. NFTs.
- Cryptocurrency wallets that allow users to store their cryptocurrency tokens without features of buying, selling, swapping, or staking their cryptocurrency tokens.
As cryptocurrency is an evolving space, Meta may refine its rules over time as the industry changes.
The company will continue to review available licenses and may expand its eligibility list in the future.
Source: Meta For Business
Featured Image: rafapress/Shutterstock
