RIYADH: Meta, formerly known as Facebook, has updated the criteria for running ads about cryptocurrency on its platform, according to Bloomberg.
The tech giant announced on Wednesday its decision to reverse a long-standing policy that prevented most cryptocurrency companies from running ads on its services.
The move came after Meta’s marquee crypto-related effort had been downsized.
Previously, many marketers who wanted to promote cryptocurrency or related businesses had to submit an application detailing any licenses they have obtained and whether they are traded on a public stock exchange, among other information.
Now, the company will make it easier to run ads about cryptocurrency by expanding the number of regulatory licenses that it accepts, which will allow more retail investors to access cryptocurrencies than ever before.
Meta will still require prior written approval for crypto exchanges and trading platforms, crypto wallets and mining-related hardware and software companies.
“Cryptocurrency continues to be an evolving space and we may refine these rules over time as the industry changes,” the company said in a blog post.
