Google seems to be following Facebook’s footsteps of rolling back its ban on cryptocurrencies and allied services. According to the latest announcement made by the tech giant, beginning this October, it will allow regulated crypto exchanges to advertise in the US and Japan.
Advertisers will need approval from Google
Even though Google is updating its advertising policy to accommodate regulatory cryptocurrency exchanges it has asked advertisers to get certified by Google for the specific country in which their ads will serve. The application process for certification of advertisers will begin once the policy launches in October. This policy will apply globally to all accounts that advertise these financial products.
Google had banned crypto advertisements in June in order to protect consumers from scams, particularly fraudulent initial coin offerings (ICOs). The wide-ranging ban was for any advertising about cryptocurrency-related content, including initial coin offerings (ICOs), wallets, and trading advice. This blanket ban had restricted legitimate cryptocurrency companies from using Google advertising platform and they were also disallowed to serve ads through any of Google’s ad products, which places advertising on its own sites as well as third-party websites.
With regards to the ban, Scott Spencer – Director, Product Management, Sustainable Advertising at Google was quoted by CNBC saying
“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,” Scott said.
The rise in susceptible cryptocurrency activities such as fraudulent ICO’s and other vulnerabilities to scam had led to the crackdown on crypto advertisement across the internet with leading tech companies such as Facebook, LinkedIn, Snapchat and Mailchimp all calling for their respective bans.
Facebook reverses ban on cryptocurrencies but continued it for ICO’s
In June, Facebook becomes the first company to reverse its advertising ban on cryptocurrencies and related services, while upholding its ban on the promotion of initial coin offerings (ICOs). The social media giant had said in its announcement that it has been looking into the best way of “refining” its blanket ban on cryptocurrency-related advertising “over the last few months,” in order to “allow some ads while also working to ensure that they’re safe.”
Facebook’s had also revised “prohibited products and services policy” which now states:
“Starting June 26, we’ll allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”
Facebook, like Google, had asked advertisers to submit an application to allow Facebook to assess their eligibility. Applicants were also instructed to include “any licenses they have obtained, whether they are traded on a public stock exchange, and another relevant public background on their business.”
With Facebook and Google reversing its ban, legitimate blockchain business and exchanges, for now, have a powerful platform at their disposal to reach to millions of customers which are still untapped and unaware about cryptocurrencies. With Google and Facebook now allowing approval based crypto advertisement on their platform, we can expect others to follow the suit.
Will Google and Facebook ad ban reversals improve business dynamics for cryptocurrency and blockchain companies? Do let us know your views on the same.