Google has been in the news quite a bit lately regarding cryptocurrencies. Some of its involvement in digital assets hasn’t been so positive, however. That said, the crypto industry has had a stroke of luck, as Google has announced they are updating their policies to partially lift the cryptocurrency ad ban from this March:
“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.”
Partial Allowance
The ad ban was originally for the United States and Japan, and it prevented crypto companies from advertising their services via Google AdWords. More specifically, Google stated that it was protecting its users from fraudulent activity including “initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.”
While the policy changes are a great start, it’s important to note that only cryptocurrency exchanges can now use AdWords. Advertisements regarding wallets, Initial Coin Offerings (ICOs,) or trading are still under the ban.
It’s unclear why Google is carrying out a partial lift, but this news echoes the policies of Facebook. Both companies have put out widespread cryptocurrency ad bans but have allowed exchanges to purchase space later on. Both platforms still require these companies to fill out applications as well. Also, only registered exchanges in Japan and the United States are allowed to apply, but verified platforms can purchase ad space in any country around the world.
Ideally, the rest of Google’s ban will be lifted soon, though with strict rules on ICO advertising. With the cryptocurrency space so new, a sizable portion of ICOs are scams out to steal investors money. Scams exist outside of the ICO world as well. Recently, the Texas Securities Commission (TSC) sent out cease-and-desist letters to a company claiming to be Coinbase, while the SEC went after two other establishments for alleged false marketing.
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