Tech giant Google is reversing the sweeping ad ban it imposed on the crypto space in June. Starting in October, it will allow regulated crypto exchanges to advertise in the US and Japan.
According to the announcement, “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 banned crypto advertisements in June in order to protect consumers from scams, particularly fraudulent initial coin offerings (ICOs). The wide-ranging ban included offerings from trading professionals and wallet services.
The crackdown spread across the internet and led to various bans from Facebook, LinkedIn, Twitter, Snapchat and Mailchimp. The backlash not only stopped scammers but also whipped legitimate blockchain projects, stifling promotion, slowing adoption and stoking fears about mainstream acceptance of cryptocurrencies.
Following the initial bans, six countries joined a lawsuit to sue the internet giants.
The current reversal means that advertisers in any jurisdiction can apply for the required certification. If approved their ads will be served in the US and Japan.
Facebook rolled back its ban on cryptocurrency ads in June.
Prior to Google’s latest policy update, it was still serving a limited number of crypto ads in July.
Google’s parent company Alphabet makes an estimated 86% of its total revenue from advertising, booking over $54 billion in ads in the first half of 2018 alone. Since last year, Google’s ad business has increased by 21%.