Google becomes crypto-friendly, allows ads for regulated exchanges
In a major turnaround, search engine giant Google has reversed its policy which was announced in March that all crypto related businesses would be banned from buying ads on Google Adwords. In an official statement, the internet giant said that it will now accept them from pre-approved regulated venues in certain circumstances, effective October 2018.
Earlier this year, Google announced a ban on ads related to cryptocurrency and ICOs. The industry was quick to respond and panned it for its cryptocurrency ad ban which came into effect from June 1.
The move to ban crypto ads on Google came after similar announcements were made by social media giants Facebook and Twitter, though Facebook relaxed some of the restrictions in June. Now, though, Google says it has updated policy on ‘Financial Products and Services’ to set up a vetting process that allows promoting some crypto products.
Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help assess their eligibility — including any licenses they have obtained, and other relevant public backgrounds on their business.
The latest update goes on to say, “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.”
Earlier this year in June, Facebook lifted some of the restrictions by launching "cryptocurrency products and services onboarding request” that allowed some companies to get their ads on the platform.
The move comes not as a surprise to many after Google allowed displaying the advertisements of Coinbase, two days after the US crypto exchange advertisements re-appeared on Facebook.
While the internet giant has made its move, it would be interesting to see how the industry responds to this new move. The industry had unanimously panned the company after the ban was introduced earlier this year.
Despite its apparent aversion to cryptocurrency, Google has been most actively involved with the development of blockchain technology and is the second most active corporate blockchain investor since 2012, according to a report by tech researcher CB Insights.
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