Google reinstates cryptocurrency advertisements; technology giant’s move riles up community

Google Ends Ban on Cryptocurrency Advertising

Google Ends Ban on Cryptocurrency Advertising

Google was one of a number of tech companies to prohibit such advertisements from its platform this past spring, though the ban on initial coin offering (ICO) related posts would seem to be still in effect.

The online giant blocked such adverts back in March as part of a security crackdown, but has now apparently changed its mind and will allow cryptocurrency ads on its services from next month. In the new regulatory paradigm, cryptocurrency exchange platforms can advertise in both Japan and the United States.

Scott Spencer, Google's director of sustainable ads, told CNBC when the ban was first announced that they didn't have a crystal ball to know where the future is going with cryptocurrencies but they'd seen enough consumer harm to know it was an area they wanted to approach with extreme caution.

"Advertisers who promote restricted financial products (Contracts for Difference, rolling spot forex, financial spread betting, and synonymous products) are allowed to advertise through Google Ads, but they must be certified by Google, and their products, landing pages, and ads must meet all local legal requirements of the country they want to get certified for."

Google is following an earlier move by Facebook to reverse its hardline stance on cryptocurrency ads. However, just 3 months after the ban came into effect, the search engine giant has chose to reverse this decision - making cryptocurrency advertising valid on their platform once again.

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Google will still have a close eye on all crypto related ads and hopes to keep the seedier side of cryptocurrency away from its service.

What do you think of Google's new position on cryptocurrency advertising? But, companies will be permitted to file applications with Google to publish ads in other countries as well, which over time is expected to evolve into an worldwide reverse ban on crypto ads. Advertisers will be able to apply for certification once the policy launches in October. Advertising is the biggest source of income for Alphabet, Google's parent firm.

Nunn stated that both Facebook and Google showed interest toward crypto and blockchain technology and yet chose to prematurely ban the entire market on their platforms.

And now as the fog of regulations in this space is getting clearer companies like Facebook and Google have naturally started to adapt to it as it is in their business interest to do so.

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