In an official post released on Tuesday, the company announced that it was planning to re-introduce crypto ads for registered crypto exchanges targeting U.S. and Japanese audiences:
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.
ICO Craze over?
When Google went ahead to ban all crypto related ads in March this year, industry insiders understood the move to be ‘troubling’ and ‘unfair’. Google stood firm then, arguing that this was meant to protect its customers from fraudulent offerings that had been synonymous with crypto related products like exchanges, initial coin offerings, crypto trading advice, and crypto wallets. It would be noted that other tech giants like Twitter and Facebook had also taken the same route to ban crypto advertisements at the start of the year. They took this step citing the crypto boom has led to high profile scams.
Facebook has since reversed the ban specifically for preapproved cryptocurrency firms but they maintained a ban on Initial Coin Offerings (ICO). This is a similar move to the one made by Google yesterday.
Sergey Brin’s involvement in cryptocurrency
It appears to have been a matter of when and not if for Google to reverse the ban, especially after the surprise revelation by Google’s co-founder Sergey Brin that he was an Ethereum miner during a blockchain summit held in Morocco on July 8. In his speech at the summit, Brin had credited ‘emerging technologies’ such as cryptocurrencies for the success of Google.
Although approved ads can only run in Japan and the U.S. currently, Google may soon relax its stance towards other cryptocurrency products and platforms, as well as audiences outside of Japan or the U.S. Like Facebook, it appears that Google only intends on allowing for registered platforms in the cryptocurrency space to advertise in the future.