On Wednesday Facebook announced it will reverse its policy that prevented most cryptocurrency companies from running ads on its services. However , the company, now called Meta, will continue to reject crypto ads from companies that do not submit one of the 27 regulatory licenses it’s accepting.
“We’re doing this because 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,” the company said in a statement.
The company banned cryptocurrency ads in January 2018 but scaled back that ban slightly in May 2019. The ban had prevented start-ups in the cryptocurrency and blockchain fields from reaching potential customers on both Facebook and Instagram.
The move comes after the company tried and failed to launch a cryptocurrency that could be used to send money online to anyone in the world through Facebook products. Besides, Meta’s crypto executive, David Marcus, announced on Tuesday that he will be leaving the company at the end of the year.
Previously, the company said advertisers could submit an application and include information including any licenses they obtained, whether they were traded on a public stock exchange or other relevant public background on their business.
Over the last year, Meta has scaled back its own ambitions in cryptocurrency, due to backlash from lawmakers and regulators worldwide. Last October, Meta launched a small pilot of Novi, its cryptocurrency wallet, allowing users in the U.S. and Guatemala to exchange stablecoin cryptocurrencies through the app. However, the digital currency remains unreleased to the public.