The Full Guide to Strategic Fundraising with KOLs in the Crypto Space

Facebook Lifts Ban on Crypto Ads

8 min read
Dec 3, 2021

The Facebook company, now renamed Meta, announced that it had pulled and made revisions to its policy on its ban on cryptocurrency ads. The social media giant made its decision to make changes to its rules after the company itself experienced stiff pushback from the government and money regulators worldwide, as Facebook itself also tried to launch its line of crypto products.

Attempting to create their own crypto-money and distribute it globally, Facebook was meant to use their own platform as a vehicle to move crypto by using their newly-created version called Libra. Its name was then subsequently changed to Diem. In hindsight, however, one can only imagine how they could have taken over a humungous piece of the market in a short amount of time if only they had pushed through.

Timeline:

January 2018- Reasons for Facebook Ad Ban

The ban on crypto ads from Facebook began after the ICO bubble burst that same year. It had regulators jostling for position, and retail investors left holding the bag. Uncertain of what was coming next, the company was concerned about its billion-strong users (or at least a portion of it) being scammed by startups since the company didn't want people running ads that could be deceptive or misleading.

As a protective measure of sorts, before anyone can put up any kind of crypto ad on the social media platform, Facebook required advertisers to apply and provide information on any license they may have on trading in a public stock exchange. Or in any case, if they have other related public offerings.

This requirement was stringent and limited to only three regulatory licenses, which practically became known as a ban. Well, at the least it was, for smaller companies who didn't have the necessary qualifications.

May 2019- Facebook Slightly Eases Up Crypto Ad Ban

Ramping up its own blockchain efforts, it then allowed ads that already had prior approval, or only if it was just some news blockchain, crypto-tech, and industry updates. Nevertheless, it wasn't much of a release for most startups that did not qualify.

June 2019- Facebook Announced Its Own Crypto Brand

Mark Zuckerberg, CEO of Facebook, announced the company plans to launch Libra. By then, the comptrollers promptly shut it down, leaving the project in limbo. As a result, Libra, now Diem, was put on the back burner.

November 2021- Facebook Exec for Crypto David Marcus Resigns/Novi Successfully Launched

He announced his departure would be due in December of 2021. The currency that was meant for digital assets has then shifted to a US-dollar backed Stablecoin. Nevertheless, last October 2021, their digital wallet product "Novi" was successfully released, while "Diem" is still in the wings waiting to be approved.

December 1, 2021- Meta (formerly Facebook) Announces Expansion on Eligibility Rules About Running Ads on Crypto.

Facebook revises its rules by requiring the applicant to submit at least one of any of the 27 regulatory licenses instead of 3 in its previous policy. This move effectively broadens the approval base for applicants as it will allow small businesses to put up advertisements and use Facebook tools while scaling their businesses.

Facebook, in a statement, said, "We are 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."

Along with this development of Facebook's goal of adjusting their policy, they want to make it more "equitable and transparent" for more advertisers and other small businesses to grow their client base and reach more customers. Updating and expanding their eligibility criteria for licenses allowed from 3 to 27 is good news to startups.

They will make the list of these eligible licenses publicly available on their policy page. Furthermore, Facebook assures previous advertisers who were approved in the past policy will not be affected by the revision. Additionally, the list of products and services that are prerequisites of the application process will also remain.

List of Prerequisites Before Application:

The applicant must have or operate any of the following:

  • Software apps, platforms, and or products identified as cryptocurrency exchange and trading platforms such as margin trading, spot trading, futures trading, and other trading tools that are related to crypto
  • Software apps, platforms, and other products that are into the lending business
  • Crypto wallets that let people buy & sell, swap, and invest their cryptocurrency tokens.
  • Mining Hardware and Software dedicated to crypto mining.

In light of this development, Meta/Facebook aims to continue to enforce its related policies and eradicate deceptive ads that do not follow the rules. They have added a "report ad" button at the upper right-hand corner for users who encounter content that violate their Advertising Policies. The company is looking to improve more of its services and gather viable user feedback from people relying on the platform for personal and business purposes.

Facebook/Meta will also continue to refine these new rules as the industry evolves. They may add other eligible licenses as they see fit. Today Meta's new policies will allow more retail investors access to crypto products in ways that were not possible in the past.

Crypto and the Metaverse

Facebook's renaming to Meta is the company's way of embracing the metaverse. And metaverse is all about the internet and the evolution of virtual reality, which is considered to be the parallel of physical reality. People living in these meta spaces will eventually be making transactions using NFT's and cryptocurrency, all of which are supported by the blockchain system.

This is how and why crypto has become significant in today's society and indeed into the near and far future of the digital world.

Wrapping Up

Historically speaking, crypto ads seem to be at their peak nowadays. Platforms in the social media sphere are becoming increasingly receptive to crypto events and news. They are also starting to become lenient in their policies about marketing crypto. Major exchanges are being made, and money is being invested for expansion.

Looking for help with Facebook Ads for your project? Book a meeting with a Lunar Expert today.

Tim Haldorsson
CEO
CEO of crypto and Web3 marketing agency Lunar Strategy, involved in the crypto scene since 2017. Provides forward-thinking Web3 marketing insight as a contributor to Cointelegraph, Rolling Stone, Daily Coin, NFT Plazas, and Finance Magnates.
Jack Haldorsson
CMO
CMO at Lunar Strategy. Been in the crypto space since 2017. Jack leverages his know-how of the blockchain ecosystems and strong KOL relationships to execute result-focused strategies that amplify brand storytelling, drive awareness and grow the project sustainably with the help of Influencer relations.
Adam Westerén
Head of Sales
Adam's passion is to create self-sustainable communities in the Web3 world. He enjoys when you create a Web3 community that can grow by itself. This is what he does in his current role as Head of sales.
William Rejström
COO
As a Community Manager at Lunar Strategy, I'm passionate about finding new ways to connect people, add value and build strong community relationships.
Shann Holmberg
COO
As head of growth at Lunar Strategy, I understand the significant shift away from traditional marketing strategies that Web3 projects require.
Nick Ballanutsa
Crypto Content Creator
Crypto Content Creator, Nick is creating engaging Twitter threads & posts for leading crypto & NFT companies.
Vide Haldorsson
Influencer Manager
Influencer Manager at Lunar Strategy.
Johnny Pedro
Head of Partnerships
Head of Partnerships at Lunar Strategy, creating win-win solutions for Web3 companies. You might have heard his music on Tomorrowland from his previous ventures in the music industry.
Jarrod Frankel
Head of Community
Jarrod is responsible for the teams that provide both engaging social media content and enticing and informative articles for our clients.
Tayler McCracken
Editor at Coin Bureau
Tayler McCracken is the Editor-in-Chief of the Coin Bureau, a leading publication that provides cryptocurrency education.
Vineet Nair
Writer
As a web3 storyteller, Vineet brings a wealth of experience in content, journalism, and management, with hands-on knowledge of metaverses, NFTs, AI, and finance.
Hassan Shafiq
Lunar Strategy
Lunar Strategy.
Mairead Finlay
Writer
British writer specialising in NFTs, luxury lifestyle & travel based in Portugal. Previous publications include Business Insider, LoveEXPLORING, The Guardian and My French Country Home Magazine. Previously the SEO Editor of tech & startup website TechRound.
Sandra Vukovic
Content & Marketing Specialist
Content & Marketing Specialist at Lunar Strategy.
David Kevin Jeppesen
Lunar Strategy
Raised in the spring of technology, solving problems and finding simple digital solutions is part of my nature. I’m a teachable individual who is always eager to learn and develop as a person.
Julieta Ose
Crypto Content Creator
Crypto Content Creator at Lunar Strategy.
Gino De Graaf
Google Ads Specialist
Google Ads Specialist at Lunar Strategy.
Sam Runge
Media Manager
Lunar Strategy.
Your Guide to Crypto & NFT Influencer Marketing For Your Next Project
Your Guide to Crypto & NFT Influencer Marketing For Your Next Project
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