Google provided an update on their cryptocurrency ad policy on September 25, 2018. The corporation has once again enabled bitcoin exchange adverts to be placed. They must complete the Google Ads platform's registration process. This modification, however, only applies to the United States and Japan. According to the news, businesses who wish to promote their cryptocurrency must obtain a specific Google certificate for the country in which their primary target audience resides. This innovation has been in force since October 2018, and advertising can now seek for accreditation. Another snag is that ads including information about coin launch platforms, organisations that supply customers with crypto consultancy, crypto wallets, or trading advice are not allowed on the platform.
After the announcement in March 2018 concerning the cryptocurrency ad policy, Google implemented this change. All blockchain development businesses that distribute and promote cryptocurrencies would be barred from using the Google Ads network, according to the statement. They justified their decision by stating that the advertisements were "troubling." The firm justified its move by claiming that it was safeguarding customers from deceptive content related to DeFI, ICOs, crypto wallets, exchanges, and trade advertisements.
Furthermore, Cryptoauxiliary reminds that social media platforms like Twitter and Facebook had previously banned cryptocurrency marketing in 2018.
Facebook's position for pre-approved cryptocurrency advertising campaigns has subsequently been altered, but its status for initial coin offerings (ICOs) has remained unchanged. Its policy on bitcoin adverts is comparable to Google's.
Jimmy Wales, a co-founder of Wikipedia, remarked on the subject, saying that no one can ban blockchain because it is based on mathematics.
What Was Going on in the Crypto World with Google Ads Previously?
In July 2018, Google announced that all cryptocurrency-related ads would be banned in order to protect customers from fraud. Despite the adoption of Google's blockchain, this announcement surfaced on the internet. Journalists speculated that the business changed its mind about banning all coin launch platform ads after seeing a screenshot of a Coinbase ad on Reddit. The cryptocurrency community assumed that this meant the corporation had lifted its prohibition on digital currencies, or at the very least developed a whitelist that allowed Coinbase and other crypto exchanges. To allay fears, Google declared that it had not developed any whitelists and that its ad policy for crypto-related ads had not changed. This was simply an ad that had been tampered with.
The state of Google's ad policy hadn't been revised since March 2018, when the firm banned cryptocurrency-related ads following a price surge and the resulting buzz. This circumstance, according to the business, could be harmful to its users.
Scott Spencer, a Google ad director, commented on the bitcoin ad prohibition. He acknowledged that it was uncertain where the cryptocurrency craze might lead Google customers, but that the business had recognised that cryptocurrencies have affected its customers and intended to safeguard them.
In March, the cryptocurrency community had to deal with the reality that Google had become one of the major platforms to decide to prohibit cryptocurrency-related adverts due to the possibility for user harm.
In March 2018, Google imposed a crypto ad ban.
In March 2018, a notice concerning Google's crypto ad prohibition appeared on the internet for the first time. This declaration claimed that all cryptocurrency adverts, including crypto wallets, ICOs, and cryptocurrency trade offers, would be prohibited across all of Google's platforms. Following the news, Facebook issued a similar announcement. Companies issuing legitimate coin launch platforms were also included in the prohibition. This meant that they couldn't use Google products to place advertising on their own or third-party websites.
Twitter, Facebook, and Snapchat are among the other global firms that have banned digital currencies, according to Applicature. All of them cited the same reason for prohibiting bitcoin advertisements.
Later, in June 2018, Facebook removed itself from the list. They only permitted pre-approved ads to be posted. They also prohibited ads that featured information on initial coin offerings (ICOs) and binary options.
Ban List for Cryptocurrency Ads on Google
Let's take a closer look at the Google advertising that are now prohibited.
This list includes the following items:
Advertisements for binary options or other related financial products.
Advertisements for countries that have not been approved.
Advertisements that provide detailed or aggregated information about various coin launch sites that issue coins or tokens. This includes advertisements for websites that provide broker reviews, as well as investing advice and offers to acquire bitcoin.
Ads that promote cryptocurrencies, cryptocurrency trading offers, and cryptocurrency wallets, such as coin launch platform ads, blockchain marketing agency ads, and ads that promote cryptocurrencies, cryptocurrency trade offers, and cryptocurrency wallets.
Advertisements that provide information on providers who offer or trade speculative financial goods, such as trading offers and websites with broker reviews and related content.
Google's policy on cryptocurrency advertisements
The Reasons behind Google's New Cryptocurrency Ad Policy
Google's cryptocurrency restriction policy, according to several blockchain development firm specialists, should protect Google customers from scams and scammers. According to FTC statistics, bitcoin scammers stole over $500 million in the first two months of 2018. The agency also stated that by the end of the year, this figure is expected to approach $3 billion.
Alphabet, Google's parent business, earns roughly 84 percent of Google's earnings, and they feel that the ecosystem in the fields of crypto development, blockchain usage, and blockchain development for DeFi must be safe and well-protected from fraud and fraudsters.
Exchanges and Google's bitcoin ad policy
Why did Google make the decision to change its ad policy?
After a surge of Bitcoin price predictions, Google decided to amend their ad policy position. Financial guru Michael Novogratz said that the price of Bitcoin has reached a low in this prediction. Bitcoin has previously lost nearly 60% of its value over the previous nine months of failure. Other cryptocurrencies, such as Bitcoin Cash, the Ethereum currency launch platform, EOS, Litecoin, Ripple, and others, have seen even more of a drop.
According to statistics, the value of ten digital currencies has dropped by about 85% in the last year. The ex-manager of the hedge fund Novogratz said the BTC price has achieved its "classic bottom" at Yahoo Finance's second annual All Markets Summit. BTC and other blockchain development businesses would get back on the horse, as predicted by the price prediction, after a severe drop.
Summit of All Markets
Reasons for Google's ad restriction on cryptocurrency
People initially viewed Google's decision to lift the ban as an attempt to rein in a slew of scams that had led the price of the Bitcoin blockchain development business to skyrocket.
The reversal of Google's ad strategy should have a significant impact on the fight against crypto criminals, particularly in the United States and Japan.
It's worth noting that the original restriction on cryptocurrency-related marketing in June resulted in a 10% price decline. BTC and other digital currencies are currently trading at a lower price than they were at the start of 2018.
The lifting of the restriction on licenced crypto exchanges, according to cryptocurrency specialist Chris Wilmer, is a significant step forward. In addition, he claims that the prohibition will benefit leading blockchain development businesses such as Bitcoin and Ethereum. The ban on all cryptocurrency-related ads, according to the professor, was a mistake. Google and Facebook, on the other hand, believe they have a responsibility to protect their users from bad content. He believes that as the price of Bitcoin rises, more people will recognise that this is a very essential and innovative technology that has the potential to transform the global financial system. A partial lifting of the cryptocurrency ad prohibition will let established financial institutions to use Google advertisements to promote their blockchain products and solutions for DeFi.
Chris Wilmer is a cryptocurrency expert.
The cryptocurrency community was not surprised by the pullback. Even when Google's bitcoin ad policy was first updated, the company didn't rule out the possibility of lifting the prohibition on cryptocurrency-related ads. They wanted to take it slowly and carefully.
The Aftermath of Google's Cryptocurrency Ban
Consider the impact of Google's cryptocurrency policy on the cryptocurrency industry and blockchain development firms.
The new Google ad policy, according to several reputable cryptocurrency exchanges, has had a favourable influence for the ICO sector. The bitcoin ad filter assists reputable businesses in weeding out unscrupulous competitors from the cryptocurrency market.
The Google cryptocurrency ad policy will also aid government agencies in the construction of a regulatory framework for blockchain development enterprises and the protection of consumers from dangerous cryptocurrency organisations.
Facebook and Google may reconsider their restriction on cryptocurrency ads if the government is able to provide users with credible regulation of cryptocurrency startups, ICOs, DeFi development businesses, blockchain products, and cryptocurrency wallets.
Other methods, such as SEO and producing organic traffic, can be used to promote a bitcoin product by a blockchain development company.
Policy on Call-Only Ads
On September 25, 2018, Google provided an update on the status of their cryptocurrency ad policy. It has made it possible to run certified ads for bitcoin exchanges in the United States and Japan. The new bitcoin ad policy, according to Google's founders, should help protect consumers from unwanted and malicious content. Financial analysts, on the other hand, believe it is a fight against bitcoin hysteria.
Note that, as cryptocurrency demand has tripled in 2020 and the area of blockchain development for DeFi has grown greatly, Google appears to have become much more committed to the crypto world. The problem with crypto advertising will be totally solved in this manner.