Beginning October Google Will Permit Cryptocurrency AdvertisementsSeptember 26, 2018
Google is easing up on its ban on publishing cryptocurrency advertisements. Moving forward, just like Facebook, Google will be permitting cryptocurrency-related advertisements.
Previously, Google placed a ban on advertising for the cryptocurrency. Google has now eased up on its policy with some restriction.
“Advertisers will need to be certified with Google for the specific country in which their ads will serve. Advertisers will be able to apply for certification once the policy launches in October.”
Google published its brief notice in the Advertising Policies Help page, under the changelog, where the upcoming and recent changes and past changes are documented.
The notice states that the “Financial Product and Services Page” will be updated sooner the policy goes live in October 2018. The notice mentions that “This policy will apply globally to all accounts that advertise these financial products.”
Google has to state that the financial products are very complex and in many cases difficult to understand. The terms on which the advertisement will be disapproved has been clearly mentioned as, “Failure to disclose the associated fees, failure to provide legitimate contact information for a physical location for the business being promoted, and failure to include links to third-party accreditation or endorsement where affiliation is asserted or implied, particularly when it serves to improve the reputation of the site. And more.”
Google has forever considered the risks involved in trading financial products with inherent complexities and permitted them to be advertised only under limited circumstances by certified advertisers.
“Contracts for Difference (CFD), financial spread betting, rolling spot forex, and related forms of speculative products” can only be advertised by licensed providers. Cryptocurrency will be included in the line of the risky financial products for obvious reasons.
Separate application should be submitted if one should be permitted to advertise in more than one country.
CNBC reports, “Google said at the time of instituting its ban that it was cautious about the cryptocurrency area due to its potential for consumer harm.”
In the UK, cryptocurrency is referred to as the “Wild West” market. Consumers were already being inadequately protected according to the government committee of the UK. There are companies that offer the ICOs with inappropriate advertising that the ads might only go up.
While Google and Facebook are the influential players in online advertising, who previously banned cryptocurrency advertising, other players like Twitter and Snap as well banned the advertisements of these speculative financial products.
The ban on the cryptocurrency products happened particularly when the price of the leading cryptocurrencies like Bitcoin went too volatile early this year. A few months later, Facebook tweaked its ban and decided to filter cryptocurrency related content and pre-approved crypto ads. While the scam-ridden areas like the ICOs continue to be under a ban, selective advertising for cryptocurrency has been permitted by Facebook.
Google will now be permitting regulated cryptocurrency exchanges from the US and Japan to advertise their products.