A new policy had been implemented by Google yesterday, according to which various advertisers providing crypto exchange as well as wallet-related services will now be able to publicize their respective products once more.
Google had initially put an end to such advertisements a few years ago in 2018, wherein ICO (Initial Coin Offering) and cryptocurrency-oriented advertisements had been banned. Now, thanks to the new aforementioned policy that had been put into effect on the 3rd of August 2021, regulated cryptocurrency entities are now allowed to market such services again. However, ICOs had not been included in the new policy.
Is Google changing its mind about crypto?
The policy revision by Google had initially been outlined last month, which had stipulated that any and all advertisers who wish to provide services centered around wallets and crypto exchanges to consumers based in the United States will be allowed to do so if certain requirements can be met beforehand. Through this decision, there is bound to be an influx of new sales for Alphabet, the parent company of Google, and while the cryptocurrency-related ads will be able to generate additional revenue, it will only amount to a small portion of the organization’s overall advertising revenue (which totals $147 million).
Google had originally banned the ads because of the abundance of scams and shady advertising that had become commonplace in the crypto industry. As such, advertisers are now required to register themselves with FinCEN (Financial Crimes Enforcement Network). As previously mentioned, the revised policy shall not allow any ICO-related ads, in addition to decentralized finance trading protocols, as well as promoting any trading, selling, or purchasing of various cryptocurrencies. Moreover, all celebrities who may wish to take part in cryptocurrency endorsements will also be banned.
A bullish sign?
The policy revisions shall lastly prevent cryptocurrency ads from linking to any website which might host crypto investment advice, trading signals, affiliate sites, or aggregators.
Many members of the popular ‘r/Bitcoin’ subreddit view this development as a bullish indication for crypto, as Bitcoin (BTC) may now be promoted through the company once more. Numerous users had also called for Google to put an end to any fake or biased cryptocurrency news as well, as these tend to create unnecessary FUD (Fear, Uncertainty & Doubt).
In related news, TikTok had also banned all promotional content related to crypto last month.