Search engine Google has revealed that it will start permitting crypto exchange advertisements in the U.S. and Japan from October. This is a new update to Google’s advertising policies. The search engine giant emphasized that the ads would be allowed for regulated crypto exchanges. Google mentioned that its ads policy on financial products and services will be updated thereby allowing regulated crypto exchanges to advertise in the aforementioned countries.
Out of a number of tech companies prohibiting such advertisements on its platform this last spring, Google was also one of them. Although the advertising policy of Google has been updated, the ban on Initial Coin Offering (ICO) related posts would still be in effect. Other platforms such as Twitter and Facebook were also among those who had put bans in place this year. However, back in June, Facebook went on to relax some of these controls.
Google’s post on updated advertising policies pertaining to crypto exchange ads offered a couple of additional details as well. However, only time will tell how the rollout will take effect. As per the post, advertisers need to be certified with Google in the specific country where their ads will be displayed. It further added that advertisers will be able to apply for certification once the policy launches formally in October. Google also mentioned in the post that this policy will apply globally to all accounts that advertise these financial products, as stated in the CoinDesk report.
While the cryptocurrency boom has evoked excitement and produced wealth, it has also spawned high-profile scams and frauds, as regulation continues to struggle to catch up with a fast-moving pace. Alphabet, Google’s parent company earns roughly 86 percent of its total revenue from advertising. In fact, Alphabet booked more than $54 billion in ad revenue in the first half of 2018.
At the time of its original ban of displaying ads related to crypto exchanges, Google’s Scott Spencer said that they don’t have a crystal ball to know where the future is going to go with cryptocurrencies. However, they have seen enough consumer harm or the potential for consumer harm that they consider it as an area that they wish to approach with extreme caution, as stated in the CNBC report.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]