On 25th September, Google announced that it was reversing its decision to ban cryptocurrency advertisements on the search engines portal. The new circular released by the technology giant allows cryptocurrency exchanges to buy advertisements within the regions of the United States and Japan.
The original decision by Google to ban everything related to cryptocurrencies was made in June. The earlier decision covered everything related to Initial Coin Offerings [ICOs] to cryptocurrency trading advice. Scott Spencer, Google’s Director of Product Management, Sustainable Ads, had stated during the initial ban announcement in June:
“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.”
The search engine company is not the only organization that had banned advertisements related to the digital assets with Snapchat, Twitter and Facebook also ruling decisions against it. The last time cryptocurrency advertisements were allowed on Google was when Coinbase ads were reinstated on the platform. Google said:
“Our policies are designed to give users information to weigh the costs associated with financial products and services and to protect users from harmful or deceitful practices. For the purposes of this policy, we consider financial products and services to be those related to the management or investment of money and cryptocurrencies, including personalized advice.”
Google was also in the news earlier when a Google Play update removed application categories that covered mining apps. Snapchat had banned cryptocurrency related posts back in February when the Evan Spiegel led company was under pressure for posting unfiltered advertisements. Frank Berley, a Reddit user had commented:
“A good decision by another huge social media app. ICOs advertising should be banned like in every possible place. Screw it, and kick those ads out. It is better if Twitter takes a quick action for this too before they end up in a loss.”
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