Google plans to lift the ban on cryptocurrency advertising next month
Google plans to end its comprehensive ban on cryptocurrency ads in October and allow regulated cryptocurrency exchanges to buy advertising services in the US and Japan.
Earlier, Google announced in March this year that it will launch a ban on cryptocurrency advertising, which came into effect in June. The aim is to protect investors from bans on first-time tokens, wallets, and trading advice. This part of the ad is still banned. At the time, Google’s Director of Sustainable Ads, Scott Spencer, said that they could not predict the future direction of cryptocurrencies, and many consumers have suffered losses from investing in cryptocurrencies, so this aspect advertising needs to be treated with extra caution.
Although Google has to admit that the increasingly prosperous cryptocurrency market has produced remarkable achievements and huge wealth, hidden fraud and scams cannot be ignored, and supervision is still lagging behind. The earlier ban not only banned fraudulently cryptocurrency advertisements but also blocked many legitimate related companies.
According to "An advertising ecosystem that works for everyone," in 2017, Google removed no less than 3.2 billion ads that violated its advertising policies. Google’s updated advertising policy this year is designed to address ads in unregulated or speculative financial products like binary options, cryptocurrencies, foreign exchange markets, and CFDs. It is understood that about 84% income of Google's parent company Alphabet comes from advertising, so building a safe and effective advertising ecosystem is essential.
Behind Google’s comprehensive lift the ban on cryptocurrency advertising, it is the gradual clarification of the cryptocurrency policy in the US.
It is understood that the ban on cryptocurrency advertising is not exclusive to Google. Facebook, Twitter, and Snap all have similar bans. In January, Facebook first introduced a ban on cryptocurrency advertising to prevent "promoted financial products and services involving misleading or deceptive marketing campaigns." Twitter then stopped all forms of cryptocurrency advertising. Twitter blocks ads for ICOs and other token sales, exchanges, and wallet services (unless they are listed companies and are listed on major stock exchanges). In the days after Facebook announced the ban, the price of Bitcoin fell from $11,200 to $8,800.
In June this year, the ban on Facebook was firstly eased. Ads to promote cryptocurrencies and other related products are allowed, but it needs to be reviewed in advance, but the advertising of binary options and ICO products is still prohibited.
Executive editor： Nino