In January 2018, Facebook banned crypto ads, but its stance on crypto ads has changed dramatically over the past few years. Initially, the ban on crypto ads was triggered by the hundreds of initial coin offerings that scammed the unsuspecting public during the ICO boom of 2017 – 2018. Let’s take a deep dive into if/how you can advertise your crypto business on Facebook and look at more effective marketing alternatives in the crypto space.
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Can Crypto Businesses Advertise on Facebook?
Yes, cryptocurrency businesses can advertise on Facebook. In June 2018, Facebook began relaxing the ban on cryptocurrency ads, although any ICO or ICO-related ads are still banned. Advertisers who intend to advertise cryptocurrency products and services on Facebook must first be pre-approved. So, if you choose to, you can advertise your crypto project on Facebook. However, Meta has strict guidelines for those who intend to advertise cryptocurrencies on Facebook. And although their advertising policies are continually being updated, you’ll still have to jump through regulatory hoops.
According to Meta’s policy, “Ads may not promote cryptocurrency trading platforms, software and related services and products that enable monetization, reselling, swapping or staking of cryptocurrencies without prior written permission.”
How to Advertise Cryptocurrency Products and Services on Facebook
Previously, any crypto advertiser had to submit a written application to Facebook, present licenses they obtained, and disclose whether they were publicly traded. According to Meta, “Cryptocurrency continues to be an evolving space, and we may refine these rules over time as the industry changes.” In December 2021, Meta Inc. notified advertisers of the changes in its crypto ads policy. It now accepts about 27 regulatory crypto licenses and certifications, up from three. That means your crypto project needs at least one of these 27 eligible regulatory licenses.
It’s worth noting that crypto projects related to blockchain technology, industry news, education, or events related to cryptocurrency no longer require pre-approval for Facebook ads. Projects offering crypto tax services and wallets that only allow cryptos storage also don’t need prior approval. However, projects related to crypto exchange and trading platforms, lending and borrowing, crypto wallets with capabilities such as trading or staking, and hardware or software mining must have prior written approval to advertise.
Now, with all these in mind, the burning question is, just because you can advertise your crypto projects on Facebook, should you?
Admittedly, cryptocurrency businesses have several other convenient ways to promote their products and services. It all comes down to the difference between your target market’s need for information vs. the suggestion of your products and services to a general market.
Target Audience Need for Information vs. Ads Suggestion
Generally, Facebook crypto ads can be termed as passive, at best. The algorithms identify potential target audiences and then display the ads to them while scrolling through their feed. Typically, Facebook selects your target audience based on predefined metrics such as age, gender, location, interests, occupation, income, etc., among various observable psychometrics. And while this method form of advertising will get eyeballs on your project, you may not necessarily reach your ideal target audience. More so, your Facebook crypto ads can be counterproductive.
Generally, most Facebook users are not there looking for ads; they may not even be interested in your cryptocurrency businesses. So, when a user is leisurely browsing through their feed and your ad appears on their feed, they may swiftly scroll past it. And when the same ad keeps popping up on their feed, it may seem a bit pushy and a nuisance. This is the scenario where you, as an advertiser, are suggesting your product and/or service to a group of users. Admittedly, however, Facebook ads could be great for brand awareness and website clicks; but pales in comparison when it comes to website conversions, customer engagement and acquisition, and lead generations.
We can all agree that it’s much more effective if you were to position yourself in such a way that your target audience can easily access all the information they need. And this is where the alternative crypto ad methods thrive.
Target Audience Need for Information
Now, let’s consider the second scenario – your target audience’s need for information. The ideal target audience isn’t the one you go out looking for; it’s the one that finds you – they’re the ones with a higher conversion rate. So, in this case, you must anticipate the target audience’s needs and be prepared with all the relevant answers and information.
Generally, this type of target audience seeks answers by typing in queries on search engines. For example, suppose they are looking for information regarding your crypto project. In that case, they could visit various sites where you’ve published relevant articles and press releases, watch YouTube videos, or even go to topic-relevant subreddits and search there if anyone ever started a thread that might contain answers to what they’re looking for.
This is the need for information. And that brings us to some of the most convenient ways to advertise your cryptocurrency businesses.
Effective Ways to Advertise Crypto Business
With the constant evolution in the advertising industry, there are far better options for advertising your cryptocurrency businesses than Facebook ads.
Online PR Marketing
With online PR marketing, your options here are endless. Online PR marketing lets you attract your target audience through engagement and dialogue and build a campaign buzz around your cryptocurrency businesses. Online PR allows you to be proactive, anticipate what your target audience needs and give it to them. And there’s no limit to what you can say and how much you can say – anything goes.
A successful online PR outreach is multiprong. You can recruit some of the best crypto social media influencers to market your cryptocurrency businesses. They will be your content producers, help you create native ads that resonate better with your target audience, and start conversations across various social media platforms. You can also engage reputable key opinion leaders (KOLs) in the crypto industry to further solidify your project’s reputation.
Unlike Facebook ads, online PR marketing allows you to engage with your target audience actively. You can also effectively conduct crisis management and brand protection by monitoring your brand image and directly responding to any disinformation. This is where popular crypto podcasts will help you with AMA sessions.
Generally, online PR is an effective marketing strategy to increase your brand awareness, website conversions, customer engagement and acquisition, and lead generation. It ensures that your crypto product or service is constantly featured in the industry discourse. However, online PR marketing involves many moving parts, and it can be hard for you to handle all of it effectively by yourself. Luckily, there are credible crypto PR marketing agencies that will help you with every aspect of your campaign.
To fully cater to your target audience’s need for information, SEO marketing gives you much-needed exposure in anticipation of this. It ensures that you are fully prepared by distributing content on various relevant websites readily waiting to be accessed and link back to your project. Facebook ads are not SEO-optimized. Unlike Facebook cryptocurrency ads, you won’t be limited when advertising your crypto business through content marketing. And search engine optimization (SEO) gets you over the top – it is a great strategy to help your website outrank competitors online.
Search engine optimization (SEO) has become widely popular among blockchain marketers, primarily because it allows it organically drives traffic without the need for a third-party approval. It is an ideal way to position yourself for your prospective target audience’s need for information. When prospective users or clients need information about your crypto product or service, their first thought is to Google it.
Video explainers are ideal for breaking things down for people searching for information about your cryptocurrency businesses. So, whether you’ve partnered with some of the best crypto YouTube channels for video marketing, or putting up the videos on your website, adding keywords to your video titles and descriptions is the way to go. You can also include the video transcript for SEO purposes. More so, you can continuously continue to build links through regular SEO-optimized guest posts and blog posts. You can also pre-post topic-relevant subreddits, making it easier for users to find the most relevant information through Google searches.
The Bottom Line
Over the past few years, Meta Platforms Inc., the parent of Facebook and Instagram, has relaxed its stringent crypto advertisement policies. And this has made it relatively easier for crypto-related projects to advertise on Facebook. However, as we’ve discussed, some crypto projects still need certification and cannot run Facebook crypto ads without prior written permission. More so, token offering ads are still banned on Facebook.
Despite the popularity of Facebook ads among other businesses, Meta’s advertising policies on cryptocurrency products and services severely limit a lot of blockchain startups. That’s why we’ve discussed some of the most convenient ways to advertise your cryptocurrency businesses.