Google Lifts The Ban on Crypto Ads for Regulated Exchanges in the U.S. and Japan

27. Sep 2018 Posted by Akolkar B on News

Owing to the wild craze surrounding digital currencies earlier this year, Google and other social media platform announced a ban on cryptocurrency ads on their platform. Google cited that there were several fraudulent crypto project luring gullible investors, and the ban was meant to prevent them from doing so.

However, in a latest twist of events, the company recently updated its financial products and services policy to lift this ban. Starting next month October 2018, Google will “allow regulated cryptocurrency exchanges to advertise in the United States and Japan.”

Google in its updated policy notes that companies in other countries will also be permitted to file an application with Google for publishing ads. “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,” Google wrote.

The good thing is that Google will manually approve ads for blockchain and crypto businesses. It will not only provide investor protection but also allow legitimate businesses to market their products and services.

Earlier in March 2018, Google introduced a blanket ban on all types of crypto and ICO ads from appearing on its platform. Google’s decision, however, was faced with criticism at the company prohibited even verified businesses from advertising.

Google executive Scott Spencer justified the company’s decision saying that “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.”

However, analysts said that they understand Google’s concerns to regulate their platforms and prevent the spread of fake news as it would harm their reputation in the long run. But it would also mean an unfair stand towards legal businesses providing valuable services to its customers.