Great news for cryptocurrency market participants – Google has reversed its crypto ad ban and now allows for placement of promotional materials for "regulated" cryptocurrency exchanges.
27 September 2018 – It appears that Google has relaxed its stance regarding cryptocurrency advertisement. The Internet giant stated it will now allow "regulated" cryptocurrency exchanges from Japan and the US to place the promotional materials on its platform.
Google Cryptocurrency Ad Blanket Ban
Earlier this year, the company moved to ban all advertisements that aim to promote cryptocurrencies, crypto exchanges, and crypto wallets. Companies that are specializing in crypto investment advisory were not allowed to run ads on Google, as well.
The decision to ban crypto ads was aimed to limit the rising number of high-profile cryptocurrency scams. That time, Google representatives have been quotes as saying:
We've seen enough consumer harm or potential for consumer harm that it's an area that we want to approach with extreme caution.
This appeared as an unexpected hit for legitimate cryptocurrency companies. This was especially so since Google’s approach has been followed by other Internet companies, such as Facebook and Twitter. The former banned cryptocurrency and ICO-related advertisements on its platforms. Yet, Facebook, later on, decided to cool its position and reallowed cryptocurrency ads again. The social media giant decided to keep ICO-ban in place.
Why did Google Stop its Crypto Ad Ban?
Coming back to Google news, the company confirmed on Tuesday:
The Google Ads policy on Financial products and services will be updated in October 2018 to allow regulated cryptocurrency exchanges to advertise in the United States and Japan. Advertisers will need to be certified with Google for the specific country in which their ads will serve. Advertisers will be able to apply for certification once the policy launches in October
It is known that Google still plans to keep the ban for ICOs ads and for ads for cryptocurrency wallets and trading advice.
Google did not say why it decided to loosen the ban. The u-turn in company’s policy appears after a similar decision from Facebook, as mentioned above. Market insiders believe that Google crypto ad ban reverse decision is driven by reduced volatility of Bitcoin price and overall decreased hype around cryptocurrencies.