Cryptocurrency exchanges, wallet service providers, lenders and mining companies can now advertise their services on Facebook and Instagram.
The cryptocurrency space has been gaining traction in recent months despite the difficulties in advertising. The market is worth over $2.5 trillion and is expected to grow bigger over the coming years.
Social media giant Meta announced yesterday that it had expanded its advert eligibility terms. This latest development will make it easy for cryptocurrency and blockchain companies to advertise their products and services on Facebook and Instagram.
In a blog post yesterday, Meta said it would recognize an additional 27 regulatory licenses from advertisers, up from just three previously. As a result, several cryptocurrency companies will be able to advertise their products and services.
Meta said, “We’re making it easier to run ads about cryptocurrency on our platform by expanding the number of regulatory licenses we accept. 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 social media giant said cryptocurrency companies operating in certain areas would need to provide prior written permission to run ads on its platforms. These entities include cryptocurrency exchanges and trading platforms, platforms and software apps or products that offer crypto lending and borrowing, cryptocurrency wallet providers and crypto software and hardware miners companies.
Meta added that “Cryptocurrency continues to be an evolving space, and we may refine these rules over time as the industry changes. This includes adding eligible licenses to the list as they become available and after we have reviewed them.”
This latest development comes as Facebook rebranded to Meta a few weeks ago and declared its intention to go deeper into the metaverse space.
Search engine giant Google is still reluctant to allow full cryptocurrency adverts on its platform. Some cryptocurrency businesses are still unable to advertise on Google, the world’s largest and most highly used search engine.
However, Google could change its advert policies in the future as the cryptocurrency space continues to evolve and grow bigger.
