In a pivotal shift for the social media giant’s evolving relationship with digital assets, Meta—formerly Facebook—has announced two major developments in its cryptocurrency strategy: the departure of David Marcus, longtime head of the Libra (later rebranded Diem) project, and a significant relaxation of its cryptocurrency advertising policies on Facebook.
These moves signal a recalibration in Meta’s blockchain ambitions. While the once-ambitious Diem currency appears to be fading into the background, the company is now opening doors for broader crypto engagement through advertising—albeit with careful guardrails.
The Exit of a Crypto Visionary
David Marcus, a key architect behind Facebook’s foray into digital currency, announced his departure from Meta on December 1. After seven years with the company, including leading its blockchain and financial technology initiatives, Marcus shared on Facebook that he was stepping down to “pursue the next chapter” in his career.
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Marcus first joined Facebook in 2014 after selling his fintech startup to the company. In 2019, he took the helm of the controversial Libra project—a proposed global cryptocurrency backed by a consortium of companies and pegged to a basket of fiat currencies. The announcement sparked immediate backlash from regulators, central banks, and lawmakers worldwide, citing concerns over financial sovereignty, privacy, and anti-money laundering compliance.
In response, the Libra Association (later renamed Diem Association) revised its whitepaper in April 2020, narrowing its scope and enhancing regulatory compliance. The project rebranded to Diem in December 2020 in an effort to distance itself from earlier controversies. Marcus also led the development of Novi, Meta’s digital wallet designed to support Diem transactions.
Despite these efforts, Diem never launched publicly. Regulatory hurdles persisted, and major partners like PayPal and Stripe withdrew support. By 2021, Mark Zuckerberg’s public discussions around the metaverse emphasized virtual worlds, VR experiences, and digital identity—but made little mention of Diem or Novi.
With Marcus’s exit, leadership of Meta’s fintech efforts transitioned to Stephane Kasriel, former CEO of Upwork, who had already been integrated into Meta’s financial services division (F2) since 2020. This leadership change underscores a strategic pivot: from building a global stablecoin to exploring blockchain integration within social and financial infrastructure more cautiously.
A New Era for Crypto Advertising on Facebook
While Meta steps back from creating its own cryptocurrency, it is simultaneously lowering barriers for others in the space. In a notable policy update, Meta has relaxed restrictions on cryptocurrency-related advertising across its platforms.
The revised rules reflect growing institutional acceptance of blockchain technology and clearer regulatory frameworks in several markets. According to Meta, these changes aim to balance innovation with user protection, allowing legitimate businesses to reach audiences while minimizing risks of scams and misleading claims.
What’s Still Prohibited (Requires Prior Approval)
Certain high-risk crypto services remain restricted and require written permission before running ads:
- Cryptocurrency exchanges or trading platforms (including spot, margin, futures trading)
- Apps or products offering crypto lending
- Wallets that enable buying, selling, exchanging, or staking cryptocurrencies
- Mining hardware and software
- General blockchain or crypto industry news, education, events, or payment solutions (unless pre-approved)
This means companies involved in active trading or financial services must undergo a vetting process before advertising on Facebook.
Permitted with Conditions
Some categories are allowed without prior approval if they don’t involve direct financial transactions:
- Tax advisory services for crypto holders
- Educational content about blockchain (without promoting specific products)
- News about blockchain technology
- NFT platforms and services (as long as they don’t facilitate crypto trading)
- Non-custodial wallets without built-in exchange functionality
This distinction allows developers, educators, and service providers to promote their work while avoiding promotion of speculative investment vehicles.
Fully Allowed: Regulated Entities in Approved Jurisdictions
Companies holding valid licenses in any of the following countries can now run crypto ads freely:
Australia, Austria, Canada, Estonia, Finland, France, Germany, Hong Kong, Indonesia, Japan, Luxembourg, Malaysia, Malta, Norway, Philippines, Singapore, South Korea, Sweden, Thailand, UAE, United States
Meta maintains a list of acceptable regulatory bodies within these regions. Advertisers must verify their compliance status during the ad submission process.
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Why This Matters for the Crypto Ecosystem
Meta’s dual move—ending its own currency ambitions while expanding ad access—reveals a maturing perspective on blockchain’s role in digital ecosystems.
By stepping away from Diem, Meta avoids prolonged regulatory battles and focuses instead on integrating blockchain features where they add value: digital collectibles (NFTs), identity verification, and decentralized applications within the metaverse.
Meanwhile, opening ad space allows trusted players to build visibility and educate users responsibly. For startups and established firms alike, Facebook’s massive user base offers unparalleled reach—provided they meet strict compliance standards.
This shift also aligns with broader trends: increased regulatory clarity in jurisdictions like Singapore and the U.S., growing adoption of NFTs in gaming and art, and rising interest in self-custody wallets and decentralized finance (DeFi) tools.
Frequently Asked Questions (FAQ)
Q: Why did David Marcus leave Meta?
A: Marcus stated he left after seven years to pursue new opportunities. His departure coincided with a strategic shift away from developing a global stablecoin toward broader fintech and metaverse integrations.
Q: Can anyone advertise crypto on Facebook now?
A: No. Only businesses in approved jurisdictions with proper licensing can advertise freely. Others must apply for permission or stick to non-promotional content like education or news.
Q: Is Diem (Libra) completely canceled?
A: While not officially canceled at the time of this article, Diem has stalled due to regulatory pressure. In 2022, the Diem Association sold its assets to Silvergate Bank, effectively ending development.
Q: Are NFTs allowed in Facebook ads?
A: Yes—ads promoting NFTs are permitted as long as they don’t involve unlicensed crypto trading or financial products.
Q: What risks should advertisers consider?
A: Crypto ads are subject to strict review. Misleading claims, exaggerated returns, or non-compliant offerings will be rejected. Transparency and regulatory alignment are critical.
Q: How does this affect users in unlisted countries like Taiwan?
A: Users in regions without clear crypto regulations (e.g., Taiwan) cannot run most crypto-related ads unless they obtain special approval—a process that remains opaque and restrictive.
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Final Thoughts
Meta’s journey with cryptocurrency has evolved from bold disruption to cautious facilitation. While the dream of a Facebook-backed global currency has dimmed, the company is still positioning itself at the intersection of social interaction and digital ownership.
For the crypto community, this policy change opens new channels for outreach—but demands greater responsibility. As blockchain adoption grows, platforms like Facebook will play a crucial role in shaping public understanding and trust.
The era of blanket bans may be over. The era of compliant, transparent crypto communication has just begun.