Google has announced it is updating the company’s financial products and services policy to allow cryptocurrency related ads and hence partly reversing its ban on cryptocurrency advertising. By this announcement, Google will now allow regulated crypto companies to utilize its platform to advertise their products. The billion dollar search engine company had earlier in March banned crypto advertising; specifying the risks of consumer harm and the potential of cryptocurrency investments to cause harm in financial markets as its reasons.
According to reports in June, most financial experts at Google had criticized its ban of the crypto industry; notably Blackmore Group CEO Philip Nunn had stated that both Google and Facebook showed interest in crypto and blockchain but yet still prematurely proceeded to ban the market on their platforms. Mr Nunn had also questioned the rationality of the ban noting that despite the pressure to regulate its users content, both companies still advertised other unethical practices and gambling websites. Other experts also raised questions on its non-exclusion of well established companies like Coinbase and Binance.
The current reverse of this ban by Google, is a hinged on its decision to work with regulated and legitimate companies in the cryptocurrncy sector and to effectively breed confidence among institutions cum individual investors in the cryptocurrency market. As post effect of the cryptocurrency boom of 2017, the crypto market experienced an influx of multitude programs from fake ICOs, hacks to ponzi schemes designed to fleece the unsuspecting crypto user.
In its unbanning notice the tech giant specifies that only verified crypto companies in United States and Japan will be able to purchase ads on its platform as it kick starts this new directive in October. However, companies in other countries will be permitted to file applications for publishing ads in these other countries which will ultimately result to an international reverse of the crypto ban after due review.
This new verification and approval process by Google will aid further filtering of illegitimate projects and companies; which in turn will positively impact on public confidence in both Google and the cryptocurrency industry.
Google’s announcement comes on the heels of a similar announcement by Facebook in June; as the social media company also reopened its doors to regulated cryptocurrency advertising after an initial ban. A few other social media platforms like twitter, Wechat and Snap had also cracked down on crypto-related advertising though it is expected that they reverse this decision soon.