Google lifted the ban on advertising related to bitcoin and other cryptocurrencies imposed for more than three years, starting in March 2018.
Google has lifted the ban on advertising related to bitcoin and other cryptocurrencies that it imposed for more than three years, starting in March 2018. The move is a major boost for the cryptocurrency industry, which has long been hampered by a lack of mainstream adoption.
“We’ve seen enough consumer protection issues arise around crypto that we feel the need to expand our policy,” said Scott Spencer, Google’s director of sustainable ads. “Advertisers will be able to promote cryptocurrency exchanges and wallets as long as they’re certified with Google.”
The new policy will go into effect in October. Until then, Google will continue to review cryptocurrency-related ads on a case-by-case basis.
The change in policy comes as the cryptocurrency industry has matured and as regulators around the world have begun to take a more hands-off approach to the sector.
In the past year, major financial institutions such as JPMorgan Chase and Goldman Sachs have announced plans to launch cryptocurrency trading desks, and Facebook is reportedly working on its own digital currency, called Libra.
Cryptocurrency exchanges will now be able to advertise on Google Search, YouTube, and other properties. Google had previously banned all cryptocurrency-related advertising, citing concerns about scams and fraud.
“We want to make sure that we are offering consistent experiences across our platforms and that our policies reflect that,” Spencer said.
As of today (August 3), companies that work with bitcoin and cryptocurrencies can once again advertise on the search giant and on the various sites that are part of its platform.
Thus, Coinbase now appears as the top result when users search for the term “bitcoin” in the US, with an exchange appearing with the so-called “buy and sell bitcoin at Coinbase”.
Google and Bitcoin
“As of Aug. 3, advertisers offering brokerages and cryptocurrency wallets aimed at the United States can advertise these products and services,” Google said in June.
They have certain requirements, such as being registered with FinCen or being a bank and “complying with relevant legal requirements, including any local legal requirements, whether at the state or federal level”.
It’s not clear what effect this will have, but advertising obviously works, so companies keep doing it.
Bitcoin itself does not have a marketing budget, relying instead on companies that provide bitcoin services to do the marketing.
Google’s end of the ban should allow these companies to re-advertise, which could increase bitcoin exposure.
The change in Google’s attitude is very positive for the cryptocurrency market, which has faced regulatory uncertainty around the world. Being allowed on the Google ad network will allow bitcoin to reach a larger number of users.
According to the company, the new rules apply only to the United States, although they apply to ads worldwide.
The company told Bloomberg in June that the change was made to comply with new US Financial Crime Enforcement Network (FinCEN) regulations.
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The rules took effect on Tuesday (3) and require that cryptocurrency and exchange portfolios be registered with FinCEN and federal or state licensed banks.