Facebook’s move to end cryptocurrency ads ban could be ‘game-changer’ for industry
Facebook has finally decided to end its long-standing ban on cryptocurrency ads on its platforms, opening the door for crypto exchanges, wallets, mining software and other companies to reach more than three billion people around the world on Facebook, What’s App and Instagram.
This is a “game changer” for mass adoption as it will allow more retail investors to access cryptocurrencies than ever before, according to Henry Love, the managing partner of Fundamental Labs, a major cryptocurrency investor.
“With more openness and transparency for what crypto companies can do, we will see more adoption for the cryptocurrency industry and the metaverse than ever before,” Love said in an interview with CNBC.
Facebook, now known as Meta, originally banned cryptocurrency advertising in January 2018 in an effort to protect amateur investors. Hundreds of Initial Coin Offerings ended up stealing money from many consumers.
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” the company said at the time.
The situation has clearly changed, with Facebook now saying cryptocurrency has “matured and stabilized in recent years, and more government regulations are setting clearer rules for the industry.”
Facebook also added: “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.”
The company will still require written approval for cryptocurrency exchanges and trading platforms, companies involved in crypto lending and borrowing, crypto wallets and companies that offer mining hardware and software.
“Cryptocurrency continues to be an evolving space and we may refine these rules over time as the industry changes,” the company said.
Facebook’s move to allow cryptocurrency ads comes on the heels of its failure to launch its own cryptocurrency called Diem — one that could be used to send money online to anyone in the world via Facebook products. It’s run by an independent association and remains unreleased to the public.
Thinking about buying some digital currency? Join Hubkoin, a proudly Canadian crypto exchange that puts customers over profits. They’re currently welcoming crypto enthusiasts to come and play on the portal.
“We’re bringing Hubkoin to the masses,” said Robert Watterson, the company’s managing director. “We want to teach people how to invest properly.”