Wallets, Trading and ICO Ads Still Banned
Internet Giant Google plans to lift the cryptocurrency ban that it instituted earlier this year – but only partially. It looks like the company is going soft after the previous decision to ban advertisements related to cryptocurrencies. A recent announcement revealed that the company plans to take a conservative approach. That involves restricting advertisement purchasers to regulated exchanges.
Despite allowing regulated crypto exchanges to buy ads, Google will uphold the ban on ads related to initial coin offerings (ICOs), cryptocurrency wallets and crypto trading advice. The company initiated the ban in June this year to protect users on its platform from falling victim to scams as a result of the cryptocurrency boom. The news about Google lifting the crypto ads ban comes just a few weeks after it was reported that the company still allows some cryptocurrency mining apps to exist on the Google Play store. It had announced in July that it would pull down any cryptocurrency-related apps from all its platforms.
Google was one of several companies, including Facebook, Snapchat and Twitter, that banned cryptocurrency ads from their online platforms. Unfortunately, the ban also affected the legitimate cryptocurrency-related businesses. “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,” stated Scott Spencer, the director of sustainable ads at Google.
Will New Policy from Google Ads Have Impact?
The announcement also means cryptocurrency exchanges can now achieve better exposure through ads. However, the ads are available to be run in only two regions – the USA and Japan. Google has not made it clear whether crypto ads will be shown in other regions. The fact that Google is now allowing advertisers is great news for the cryptocurrency market. It means companies are willing to work with legitimate cryptocurrency firms to improve the market. Nevertheless, Google will still monitor all crypto-related ads.