(At least in the U.S & Japan.)
Google is finally allowing crypto related ads from regulated companies in the U.S. and Japan.
It´s safe to say this reversal shows the interest Google actually has in the technology, though they did prematurely ban it. When the company banned crypto along with Facebook and Twitter, it was criticized by many financial experts, who all expressed the same level of frustration as the Blackmore Group CEO Phillip Nunn who said:
“I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices,”
Banning wasn’t the problem if it had been done in a reasonable way, and I am not saying all the frauds and crimes related to the cryptocurrency industry isn’t good enough reason, just that if this is truly the reason, then Google has a long way to go within other industries like gambling as mentioned by Nunn. Frauds, money laundering, human trafficking are all happening right now with US dollar, EURO and other fiduciary money and most likely right on the Google, Facebook and Twitter platforms. How are they preventing that? Why not just ban anything done with the fiduciary money? Because it is unreasonable.
In the midst of so many unethical practices on the platform, the premature banning didn’t make sense. It was poorly imposed, and punished legitimate crypto companies working hard to serve crypto communities with integrity. It prevented promising companies and the industry from getting the recognition much needed.
Vitalik Buterin mentioned many times, how important this type of exposure is for the growth of the industry, Google knew the kind of power it had in hands and it didn’t hesitate to use it.
Now under the new regulations, Google will manually approve verified crypto exchanges to advertise using google ads, which will help them sort out the illegitimate companies and practices; and this is a great deal because it will only add to the security and regulation within the crypto-blockchain-community.
Requirements are separated into 3-categories Asia-Pacific, Middle East, and North-South America. Participants must first apply and become certified by Google before advertising, but there are some restricted financial products such as financial spread betting, contracts for difference, rolling spot forex and synonymous products, though allowed to advertise they must first comply with their local legal requirements to become certified by Google.
Google´s Financial Products and Services will change once the policy is in full effect, so if it interests you to be advertising on Google keep an eye on it.
Cryptocurrency is advancing one step at a time…
Let us know your thoughts about the unban and do share the great news!