Google banned cryptocurrency ads earlier this year and that had a negative impact on the market.
However, it seems that the company has decided to make a change to this policy.
Visitors to Google can now see ads for regulated cryptocurrency exchanges and firms as the ban has now been lifted for markets such as Japan and the US.
This is a big step forward in ensuring that cryptocurrency has increased visibility in the marketplace.
All of this started back in March when Google executives felt that cryptocurrency investments had the potential of harming the market. This is mainly because of the perceived harm that a lot of cryptocurrency ventures have done to investors and the looming threat of causing potential problems in the future.
However, several big names in the cryptocurrency market criticized this move. This includes Philip Nunn, Blackmore Group CEO, who said that completely blocking out crypto ads was a bad idea.
In a statement, Nunn said
I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices. Unfortunately, the fact that this ban is a blanket ban will mean that legitimate cryptocurrency businesses which provide valuable services to users will be unfairly caught in the crossfire
The main intent behind Google’s ban was to stop the spread of crypto-related scams and Ponzi schemes fueled by cryptocurrencies. However, the ban also hit legitimate businesses like Coinbase and Binance that would greatly help the crypto economy. The ban hurt them by slowing down their expansion and development strategies.
Slow Reversal Of Changes
Starting October, firms in the United States and Japan that have proper verification will be able to post ads again on the search engine. This is just the first step in the reversal process. Eventually, companies will be able to post ads from other countries. The eventual plan is to get the international ban to be fully overturned. Many experts are quite happy with this move since it would raise the profile of a lot of valid crypto companies.
The fact that Google will only allow verified companies to advertise is a good move. In the past, any company could post a crypto related ad. With the added verification, users will now be sure that when they click the link on a Google ad for a cryptocurrency service, they won't end up getting scammed. This will help improve the image of the cryptocurrency industry as well as protect potential investors and users from scams.