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Retired boxer Floyd Mayweather was criticised last year for promoting a cryto-currency that later became the target of a lawsuit alleging deception. Mr Mayweather has not been accused personally.
Raising money using an ICO has been banned in South Korea and China, and regulators in other countries are warning against getting involved. Facebook said its new policy was "intentionally broad" and would evolve over time.
It states: "Ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or crypto-currency. Under the new policy, advertising using phrases such as "New ICO! For Facebook, the move is the latest attempt to protect the integrity of its advertising platform, which over the past 12 months has been under fire for enabling Russian propaganda and other inappropriate content.
Facebook confirms Russia ads on Instagram. Image source, Getty Images. Facebook said it was open to new technologies, but felt it had to protect users. By Dave Lee. More on this story. View comments. Whereas crypto advertisersï¿½including exchanges, lending applications, wallets , and mining softwareï¿½previously needed to present the social media company with a slew of information plus at least one of three regulatory licenses, they now just have to present any of 27 different licenses.
Facebook, which recently renamed itself Meta to highlight its metaversal ambitions, first prohibited crypto ads on January 30, , saying the ban was to protect mom-and-pop investorsï¿½the types of everyday folks who rely on the social network for hometown gossip and world news alikeï¿½from fraud.
Though the ban had ramifications across the Facebook platform and Meta properties such as Instagram, there were ways around it. Celebrity influencer Kim Kardashian, for example, posted a paid promotion on IG of Ethereum Max, a token that briefly did the rounds among celebrities this summer. Though Facebook's blanket ad ban was decried across the crypto industry, its reversal comes at a suspiciously opportune time for the tech company.
In addition to becoming more "mature" in recent years, crypto has gone mainstream, with Coinbase , Robinhood and other apps making assets easy to buyï¿½and helping their prices skyrocket. There's money to be made, so hocking the product is no longer a bad look. Ironically, the reversal comes just one day after Facebook executive David Marcus announced his departure from Novi, the crypto wallet Facebook has been creating since
|Facebook banning crypto ads||Facebook said it was open to new technologies, but felt it had to protect users. Jon Fingas jonfingas December 1, PM. Skip Navigation. After outlining plans for a currency and a digital wallet inFacebook faced stiff backlash from lawmakers and regulators worldwide. In JuneMark Zuckerberg announced plans to launch Facebook's own digital currency, called Carleton crypto club.|
|Bitcoin difficulty forecast||This does, however, open the door to cryptocurrency businesses that previously couldn't run any ads, not to mention would-be investors who here not be familiar with the market. Read more: Martin Lewis urges drivers to check insurance documents ahead of January price change. That project is independently run, after all. Not all would agree that the regulatory landscape is learn more here, though regulators are certainly putting resources toward patrolling the space. Whereas facebook banning crypto ads advertisersï¿½including exchanges, lending applications, walletsand mining softwareï¿½previously needed to present the social media company with a slew of information plus at least one of three regulatory licenses, they now just have to present any of 27 different licenses.|
|Facebook banning crypto ads||Metamask with binance|
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WebJul 20, ï¿½ï¿½ Cryptocurrency businesses are taking Google, Facebook, and Twitter to court in a class-action lawsuit that could cost the social media giants $ billion. The plaintiffs . WebJun 26, ï¿½ï¿½ So starting June 26, weï¿½ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers. But weï¿½ll continue to . WebConfirm your eligibility to run cryptocurrency ads. To confirm your eligibility to advertise cryptocurrency products and services: Check to see if you meet the eligibility .