Google has announced that they will be reversing their ban in cryptocurrency advertisements that it had enacted last June. The original ban was put in place to protect citizens from falling prey to con artist, scams, and fake initial coin offerings (ICOs). Beginning in October, Google will allow regulated cryptocurrency exchanges to begin post ads.
The ban affected any solicitation concerning cryptocurrency-related content, initial coin offerings (ICOs), wallets, and crypto strategies including advice on trading. The ban included not only potential scammers but even large legitimate crypto exchanges. The banned material could not use Google advertising platform and restricted ads through any of Google’s ad products.
Similar bans have swept social media platforms, with tech giants Facebook and LinkedIn prohibiting advertising many crypto-related content. However Facebook has since rescinded their position on cryptocurrency material but kept the ICO’s on their black list.
Facebook’s “prohibited products and services policy” has been amended to:
“Starting June 26, we’ll allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”
Facebook will require potential advertisers to complete an eligibility test and to include any certifications and licenses it has been issued.
Google’s new policy will allow regulated cryptocurrency exchanges to advertise in a specific country after receiving certification similar to Facebook. Application will be made available after the launch of the updated global policy in October.