Google has removed the ban on cryptocurrency ads on its platform, in order to work more closely with regulated crypto exchanges in the US and Japan.
In the latest update, Google announced:
“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.”
Earlier in March 2018, the tech giant announced that it is banning all ICO (Initial Coin Offering), mining, Crypto wallets, and trading-related ads. Google announced a ban because there was a presence of a lot of Initial coin offerings (ICOs) and other crypto activity which made it difficult to separate the over-hyped or outright fake ventures and legitimate ventures. Google stills plans to reject all the ICOs which are broadly regulated fundraising efforts and ads crypto wallets and trading advice.
After Google, social media platforms such as Facebook, Twitter, and Snapchat have also banned all the crypto-related ads. Later in June, Facebook lifted the ban and allowed pre-approved firms to advertise.
“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” told Spencer, who is the director of product management, sustainable ads at Google.
Google and various other social media platforms are taking important steps to protect their customers and banning the ICO ads. But it is still not clear why Google will allow regulated cryptocurrencies on its platform.
From the announcement, it is clear that tech giants like Facebook and Google are step by step going to adapt crypto ads as it is in their business interest to do so.
By allowing of Crypto ads will absolutely become a major factor in increasing user’s interest in cryptocurrencies.