According to CNBC‘s post published on 25 September 2018, Google will soon cancel the ban on crypto-related ads and allow only regulated crypto platforms to purchase advertisements on the company’s platform. The service will be available in the U.S. and Japan.
Google has changed its vision on cryptocurrencies, or at least on crypto-related ads. Starting in October, all cryptocurrency-based exchanges that comply with applicable laws will be able to buy ads via Google.
We would like to remind you that back in March 2018, Google changed its financial services policy and removed any chance for crypto projects to buy ads on ICO (Initial Coin Offerings), cryptocurrency wallets, crypto trading services, and even crypto-powered courses. The Google’s ban came into force in June 2018.
At that moment, Google’s Director of Sustainable Ads, Scott Spencer, told CNBC:
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
Google was not the first Internet and tech giant to announce such a decision, as the company followed Facebook after it revealed on January 30, 2018, about its intention to ban all crypto-based ads. Advertisements that did not comply with Facebook’s policy were to be banned not only on the Facebook platform but as well “in other places where Facebook sells ads, including Instagram and its ad network, Audience Network, which places ads on third-party apps.”
Today, Google announced its update through the statement called “Update to Financial products and services policy (October 2018)” posted in the Advertising Policies support division on the company’s website:
“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. This policy will apply globally to all accounts that advertise these financial products. For more details, see About restricted financial products certification. The Financial products and services page will be updated once the policy goes into effect.”
Note that the new policy will come into force anywhere in the world, but the ads will be allowed only in the U.S. and Japan.
Author: Adriana Midrigan