- Google has lifted its blanket ban on cryptocurrency ads
- Cryptocurrency businesses will now be able to apply for Google certification
- Facebook, SnapChat imposed similar bans earlier this year
Back in March, Google joined a number of platforms including Twitter and SnapChat in banning ads relating to cryptocurrencies due to a large number of scams being advertised to unsuspecting users.
Facebook also issued a complete ban earlier this year but later loosened the restriction, allowing ads that were not for ICOs and binary options, allowing ads from a pre-approved list of advertisers.
It seems that Google has now reversed its decision as a visit to their policy page as of 26th of September shows a few changes. While ICOs, wallets, and trading services are banned, regulated cryptocurrency exchanges will be allowed to advertise in countries such as the U.S and Japan.
To get approval to advertise, the advertiser has to get certified with Google and the process to do so will begin next month.
Was the Ban Needed?
The decision by these platforms to ban cryptocurrency ads was criticized by many in crypto but was seen as a protective measure by others. The main reason for the ban was to protect consumers from the rampant fraud that goes on in the space.
As much as there are many legitimate investors and trading platforms that deal in crypto, there are also many scammers who prey on people’s greed and dreams of quick returns, especially new investors who have not learned to be sceptical of promises yet.
According to the FCT, a total of $532 million was lost by consumers to cryptocurrency-related scams in just the first two months of 2018. By the end of 2018, it is estimated that over $3 billion could be lost by consumers in the year alone.
The move by Google was one to protect consumers by not exposing them to a potentially dangerous market.
As the cryptocurrency industry becomes more regulated and consumers are given added layers of protection, the coast seems to be clearing.
What this means for crypto
One of the greatest stamps of legitimacy for an industry is being able to advertise in traditional media.
The ban on advertising on these platforms cast a dark shadow over cryptocurrencies and certainly helped the narrative that they are shady and not to be trusted.
With these new developments, hopefully, the narrative will change.