Meta (formerly Facebook) has announced two significant updates related to cryptocurrency: the departure of Diem (previously Libra) project lead David Marcus and an expansion of Facebook's cryptocurrency advertising policies.
Diem Project Lead David Marcus Departs
In June 2019, Facebook unveiled its ambitious cryptocurrency initiative "Libra," which faced intense regulatory and public scrutiny over monopoly concerns, privacy issues, and economic stability risks. By April 2020, Libra released a revised whitepaper emphasizing greater regulatory compliance and later rebranded as "Diem" to distance itself from earlier controversies. Despite these efforts, the project stalled, with David Marcus remaining at the helm throughout.
On December 1, Marcus announced his resignation via a Facebook post, noting his seven-year tenure at Meta and highlighting milestones achieved with Novi (the rebranded Calibra wallet). His successor is Stephane Kasriel, former Upwork CEO, who joined Meta's payment division, F2, in 2020.
While Meta CEO Mark Zuckerberg has discussed blockchain, cryptocurrencies, and NFTs in his metaverse vision, recent communications have notably omitted Diem and Novi, suggesting a shift toward VR-driven social applications.
Facebook Relaxes Cryptocurrency Ad Restrictions
Facebook has updated its ad policies to allow broader promotion of cryptocurrency-related content, citing the industry's growing maturity and clearer regulatory frameworks worldwide. Key updates include:
Prohibited (Requires Prior Written Approval)
- Crypto exchanges/trading platforms (spot, margin, futures, etc.)
- Crypto lending services
- Wallets supporting buying/selling/staking
- Mining hardware/software
- Blockchain tech ads, crypto news, events, payment solutions
Permitted with Pre-Approval
- Tax services for crypto firms
- Educational/news events excluding crypto products
- Blockchain tech news
- NFT services (non-crypto)
- Non-custodial wallets
Automatically Approved
Licensed entities in:
👉 Australia, Austria, Canada, Estonia, Finland, France, Germany, Hong Kong, Indonesia, Japan, Luxembourg, Malaysia, Malta, Norway, Philippines, Singapore, South Korea, Sweden, Thailand, UAE, USA
Risk Disclosure:
Cryptocurrency investments carry high volatility and risk of total capital loss. Assess risks carefully.
FAQ Section
Q1: Why did David Marcus leave Meta?
A1: After seven years, Marcus cited personal reasons and Novi's progress, passing leadership to Stephane Kasriel.
Q2: What changed in Facebook's crypto ad rules?
A2: Ads for wallets, NFTs, and educational content now face fewer restrictions, while exchanges still require approval.
Q3: Which countries are pre-approved for crypto ads?
A3: 21 jurisdictions, including the US, Singapore, and Germany, where firms hold local licenses.
👉 Explore compliant crypto platforms for secure trading.