WASHINGTON (dpa-AFX) - Cryptocurrency companies can now post advertisements on Facebook, said parent company Meta Platforms Inc (FB). The move came directly after the announcement of David Marcus' departure.
Marcus was the head of Facebook's own currency plans but he said that he has set his sight on exploring passion outside the company.
'While there's still so much to do right on the heels of launching Novi - and I remain as passionate as ever about the need for change in our payments and financial systems - my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it,' said Marcus.
Facebook introduced 'Libra' almost two and a half years back as a payment option that will be available for the users. The company even roped in Marcus, who was previously with PayPal. The plan was to start with an epayment method and branch out into broader ventures in the future. The platform, since then, changed its name to Novi and then Diem but is yet to gain recognition among the users.
The project had its pilot run in the US and Guatemala in November.
Marcus' departure was probably the last blow for Meta's currency ambitions. The company said, in a statement, 'We're updating our eligibility criteria for running ads about cryptocurrency on our platform by expanding the number of regulatory licenses we accept from three to 27. We are also making the list of eligible licenses publicly available on our policy page.'
Since January 2018, cryptocurrencies were banned from the platform but in 2019, the company eased the ban a little but made sure that the startups in the industry couldn't use Facebook or Instagram to promote their ads.
Meta added, '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.'
Instead of blocking all crypto platforms, the company has shifted the onus of spotting the fraudulent currencies to the users. The users can report ads if they spot the ads violating the rules.
'We continue to enforce our policies and remove misleading and harmful ads that break our rules. People should report content that violates our Advertising Policies by selecting 'report ad' in the upper right-hand corner of any advertisement,' said Meta.
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