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Facebook Relaxes Cryptocurrency Advertising Requirements – Media, Telecoms, IT, Entertainment



United States:

Facebook Relaxes Cryptocurrency Advertising Requirements


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In light of the fact that “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,” Meta (formerly known as Facebook) announced that it is relaxing its
cryptocurrency advertising policies.  

Effective December 1, 2021, Meta updated its eligibility
criteria for running ads about cyptocurrency on Facebook by
expanding the number of regulatory licenses it accepts from three
to 27.  Now, in order run cryptocurrency advertising on
Facebook, advertisers will simply be required to show that they
have one of these licenses.  Facebook said that this change,
“will help make our policy more equitable and transparent and
allow for a greater number of advertisers, including small
businesses, to use our tools and grow their
business.” 

In the United States, this means having a FinCEN MSB
registration (from the Financial Crimes Enforcement Network) or a
BitLIcense (from the New York State Department of Financial
Services). 

According to Meta’s updated cryptocurrency advertising policies, in order to run
cryptocurrency-related advertising on Facebook, the following types
of advertisers must have prior written permission: 

  • Platforms, software apps or products known as cryptocurrency
    exchanges and trading platforms. Examples include but are not
    limited to spot trading, margin trading, futures trading or other
    trading instruments that involve cryptocurrency assets;

  • Platforms, software apps or products that offer cryptocurrency
    lending and borrowing; 

  • Cryptocurrency wallets that also allow users to buy, sell, swap
    or stake their cryptocurrency tokens; and

  • Hardware and software for cryptocurrency mining.

Some cryptocurrency-related advertisers are not required to
obtain permission to run advertising on Facebook, however,
including advertising for tax services for cryptocurrency
companies, events, education, and news related to cryptocurrency,
blockchain technology news, services and products based on
blockchain technology that are not a virtual currency, such as
NFTs, and cryptocurrency wallets that allow users to store tokens
without buying, selling, swapping, or staking them. 

Meta said, “Cryptocurrency continues to be an evolving
space and we may refine these rules over time as the industry
changes.” 


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