In March 2018, Google announced that it would longer allow internet marketers to post cryptocurrency ads on the network. The decision was informed by the need to protect customers from risks associated with digital currency wallets, exchange platforms, and ICO (Initial Coin Offerings). The ban caught most people by surprise and as expected, the value of most digital assets such as bitcoin and Ethereum dropped on most exchange platforms. Luckily, yesterday September 25th 2018, Google lifts ban of cryptocurrency ads. The news came as a relief to thousands of crypto businesses and investor. Following this announcement, the value of most currencies is expected to increase as well as the number of investors.
During the interview, Google pointed out that not all cryptocurrency businesses will be able to utilize the ads. At the time of writing, only regulated cryptocurrencies can purchase ads on the platform once the new policy takes effect early next month. It is also important to note that advertisements related to digital wallets, ICOs, and trading advice is still not permitted.
Google Cryptocurrency Ads Only in the US and Japan
Another caveat in this new policy is that only cryptocurrency exchange platforms operating in the US and Japan will be allowed to purchase the ads. More importantly, the platforms will need to seek approval from the company to distribute the ads in both countries. That is, if you want to leverage Google ads, you will need to get two approvals, one for United States, and another one for Japan. This is not really deal breaker for crypto companies in the said countries who are serious about leveraging the ballooning cryptocurrency industry. The application process for certification will begin in October once the policy is implemented fully.
Facebook Also Lifted the Ban on Cryptocurrency Ads
Facebook also announced that it had lifted the ban on cryptocurrency ads in June this year following numerous studies that proved digital assets do not pose significant danger to the global economy. However, the social media platform still does not allow initial coin offering related ads to be posted on the huge risk associated with them. Millions of dollars have been lost through fake ICO in different parts of the world and Facebook is keen to protect its users from such frauds.
At the moment, the Facebook prohibited products and services policy states:
“Starting June 2018, we will allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we will continue to prohibit ads that promote initial coin offerings and binary options.”
Both Facebook and Google are powerful digital marketing platforms that in the past helped cryptocurrency businesses achieve their goals and objectives. Sure, banning cryptocurrency ads is wrong and affects the industry negatively, but there is need for regulations. Not all ads should be posted on the said platforms and the respective companies need to put in place a stringent approval policy to ensure that only legit cryptocurrency investors post ads on their platforms.