Google wasn’t the first to impose a cryptocurrency ad ban, and they won’t be the last to start rolling it back either. Google stopped running cryptocurrency ads due to mistrust surrounding ICOs and general lack of industry regulation. Social media giants Facebook, Twitter, and Snapchat had all banned cryptocurrency advertising earlier this year.
Back in June Facebook was one of the first to reverse their crypto ban, still saying no to things like ICOs or binary options, but opening up the playing field a bit for lower risk ads from cryptocurrency companies. Pre-approved advertisers have since been able to work with Facebook.
Now Google in a similar move is modifying their ad policies. Like Facebook, they are still imposing the ban on ICOs, wallets and trading advice. Google plans to permit regulated crypto exchanges to buy ads in both the United States and Japan. To become a bonafide regulated exchange, advertisers will need to get certified by Google for the country they plan to advertise to. This policy will extend to all financial service ads according to Google. Their new policies will be officially in effect at the start of October.
It is pretty obvious why Facebook and Google are starting to lift the blanket crypto ban slowly. There are millions if not billions to be made as an ad platform for the cryptocurrency industry.
Google has yet to comment on their decision as many ask “Why now?” especially as cryptocurrency prices continue to plummet week after week.
At the time of the initial crypto ad ban, Google Director of Sustainable Ads was quoted 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.”
Google is not throwing caution to the wind necessarily with this lift; they are starting to regulate the industry themselves, only allowing those who are Google certified financial services to advertise.