Big news has just been announced regarding the Google cryptocurrency ad ban. CNBC reported this morning that Google (NASDAQ:GOOGL) is lifting its ban on some cryptocurrency-related advertising and plans to allow regulated cryptocurrency exchanges to buy Google ad space in the US and Japan.
This new policy will start October 1st, 2018.
Google Cryptocurrency Ad Ban
Google announced its plans to restrict cryptocurrency-related ads back in March of this year, but it did not go into effect until June. The company wanted to protect consumers from fraud. Even now, with the ad ban largely lifted, Initial Coin Offerings (ICOs), crypto wallets, and trading and investment advice are still not allowed on its ad space.
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” Google’s Scott Spencer told CNBC at the time of its original ban.
At the time the crypto ad ban was announced, the cryptocurrency space had already lost $500 billion in value from its high in January. Many new and uneducated investors were fleeing the space and taking their money, as they had never seen the market in the red before.
At the time, there were many scammers infiltrating the space with bogus ICOs and hackers continued to hack into crypto exchanges. Google imposed its crypto ad ban to play it safe and now is slowly retracting from its original halt. Google’s move follows Facebook (NYSE:FB), which allowed preapproved cryptocurrency-related advertisers back in June.
Google parent company Alphabet earns roughly 85 percent of its total revenue from advertisements. In the first half of 2018, Alphabet booked nearly $55 billion in ad revenue.
Interested parties wanting to pay for Google ad space will need to apply for a certification to serve ads in each country individually. Today many of the top cryptocurrencies are seeing gains on the market, and the Google cryptocurrency ad ban lift may just be the reason.
Featured Image: Depositphotos/© rozelt