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Google partially backflips on cryptocurrency advertising ban
Google LLC has partially backflipped its stance on cryptocurrency advertising, rescinding a decision to ban all cryptocurrency advertising that it announced in March.
The ban, which went into effect in June, prohibited all cryptocurrency advertising over concerns about illegal activities. The ban extended across all Google-owned platforms, including YouTube, its DoubleClick web ad serving system and other sites.
“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,” Scott Spencer, Google’s director of sustainable ads said at the time.
Critics were quick to pounce on the decision, with some calling it “unethical” and “heavy-handed” while another even went as far as suggesting that the motivation may be that Google has secret plans to launch its own cryptocurrency.
Fast forward to September, and Google has not launched its own cryptocurrency but it is trying out for a minor diving team with its unexpected backflip.
The change was announced subtly, with Google simply publishing a notice titled “Update to Financial products and services policy (October 2018).”
“The Google Ads policy on Financial products and services will be updated in October 2018 to allow regulated cryptocurrency exchanges to advertise in the United States and Japan,” the notice reads. “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.”
If the change in policy sounds a little familiar, it is. The changes to allow registered cryptocurrency exchanges to advertise, with certification, are nearly identical to changes made by Facebook Inc. in June after it also backflipped on a previous blanket ban on cryptocurrency advertising.
Surprisingly, Twitter Inc. is not trying out for the same diving team. When it implemented their cryptocurrency ban, it had a similar exemption built in from day one. In Twitter’s case, it allows cryptocurrency advertising when the company is listed on certain major stock markets or, in the case of Japan, is registered with the country’s Financial Services Agency.
Google is still strictly enforcing a ban on initial coin offerings, wallets and trading advice.
Photo: 126896828@N05/Flickr
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