Google Retracts From Its No Crypto Exchange & Wallet Ads Stance
Google has decided to withdraw its ban on all crypto advertising. Starting in February 2018, Google will allow all types of adverts related to cryptocurrency, including exchanges, wallets, and mining. Although the ban was first announced at the end of 2017, the company has been working to bring crypto trading and advertising back to the Play Store since last summer.
Google (Alphabet Inc.) has reportedly changed its mind, and has decided to continue to accept crypto ads on its platform. According to multiple sources, a Google representative has reportedly stated that the company has decided to continue accepting crypto ads on its platform. The advertising ban had previously been put in place in December, as Google wanted to create a more clear distinction between the company’s official product line (Google Search) and the company’s interest in the space.
The company’s announcement that it would begin serving ads to cryptocurrency exchanges and wallet providers, without explicitly stating that it would ban cryptocurrency ads, was met with both criticism and celebration from industry insiders. With the announcement, Google is now poised to become one of the most powerful forces in the cryptocurrency industry, and many are happy about that.
In an interesting turn of events, Google has quietly changed its three-year-old policy to ban ads for cryptocurrencies on Google and related sites. Unlike its previous position, Google has now updated the rules page on its support site. Cryptocurrency exchanges and portfolios can now enter the U.S. market, but only after clearing some tricky regulatory hurdles.
Efforts to address emerging threats to cryptocurrency advertisingReport.
Google’s recent update to its financial products and services guidelines regarding cryptocurrency ads is great news for cryptocurrency advertisers. The new rules go into effect in August, and all existing Google Cryptocurrency Exchange certificates will be revoked. Advertisers may have to ask Google for new cryptocurrency exchanges and wallet certifications. The internet giant noted: This policy applies to all accounts worldwide that advertise these financial products. The company has also indicated the different ways of advertising, with full details of the certification guidelines to be followed. First, the advertiser must comply with crypto currency regulations and be properly registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business and as a money transmitter in at least one state. Alternatively, advertisers may be a federally or state registered banking organization.
Some crypto currency advertising bans are still prohibited
Several crypto-currency institutions fear that this will limit their entry as new crypto-currency advertisers. Similarly, Initial Coin Offerings, challenge trading protocols and the purchase, sale or trading of cryptocurrencies or related products remain prohibited. In addition, news and graphics aggregators, as well as signal and analysis services, remain on the blacklist for advertising. In addition, the online giant cited some examples of announcements, including pre-sales or public offerings of ICOs, cryptocurrency loans, initial DEX offerings, token liquidity pools, celebrity endorsements of cryptocurrencies, unhosted wallets, unregulated Dapps, trading signals in cryptocurrency, investment advice in cryptocurrency, aggregators or partner sites with relevant content, or broker reviews, which are also prohibited. In March 2018, Google initially banned ads for cryptocurrencies on its search engine. The move took effect immediately after Facebook made a similar policy change earlier this year. Later, in September 2018, Google slightly revised this strict policy and allowed cryptocurrency exchanges to become certified advertisers on the platform for the US and Japanese markets. In 2018, the internet giant blacklisted the word Ethereum to run ads on sites run by Google and its partner network. However, some experts have criticized Google for not adequately addressing the problem of ad fraud involving cryptocurrencies.
Discussion of controversial issues
To better protect advertisers by removing Google ads from individual web pages that violate its policies, about 2 million pages were removed monthly in 2017 for policy violations to control the increased occurrence of inappropriate and controversial content, a recent study shows. In addition, in April 2017, to cover more forms of discrimination and intolerance, Google ads were removed from 8,700 pages that violated the comprehensive policy. To combat new threats and improve ad quality, Google has developed several policies that target ads for unregulated or speculative financial products, such as binary options, cryptocurrencies, foreign currency, and contracts for difference (or CFDs). The new ad policy will allow cryptocurrency experts in the United States to properly monitor ads. Binance.US and FTX are currently vying for market share in the state, with FTX willing to bet on non-traditional ad platforms. Finally, Google concluded its update with the following words: Reminder: We expect all advertisers to comply with the new local laws for each region to which their advertising is directed. This policy applies to all accounts worldwide that advertise these financial products.Google has become one of the most powerful companies in the world, but it has also been tainted by questionable decisions, including the infamous 2002 Google Adwords banishment of cryptocurrency exchanges and wallets. By the time that decision was reversed a few years later, Google had lost out on a lot of revenue and had to make an expensive apology to the crypto community.. Read more about bitcoin price history chart and let us know what you think.
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