Search engine giant Google has reversed a blanket ad ban that it previously placed on cryptocurrency companies. The tech leader has updated its financial products and services policy to allow regulated cryptocurrency exchanges to advertise their products in the United States and Japan starting in October.
Google first announced the restrictions in March, focusing on initial coin offerings (ICOs) with the aim of protecting consumers as the number of investment scams in the market escalated. The company has begun to relax those standards, stating:
“The Google Ads policy on financial products and services will be updated in October 2018 to allow regulated cryptocurrency exchanges to advertise in the United States and Japan.”
Google was one of the first companies to ban crypto ads alongside the likes of tech peers Facebook and Twitter, the former of which in June similarly eased its advertising policies for blockchain startups. Meanwhile, Google’s ban on ICO-related ads remains in effect.
The company emphasized that the updated terms will be applied globally but crypto ads will only appear in the U.S. and Japan markets. Additional details in Google’s announcement revealed that there may still be some skepticism toward companies in the crypto industry:
“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.”
Large companies tend to craft policies in a way so that restrictions don’t undermine revenue. Alphabet, which is Google’s parent company, generates about 86% of its total revenue from advertising. According to CNBC, the company made more than $54 billion in ad revenue in the first half of the year.
Crypto Mining Apps
Despite Google’s ban, up until recently, cryptocurrency mining apps could still be downloaded on Google Play. One example is crypto mining company JSEcoin’s crypto mining application. The company reportedly launched its crypto mining app for Android only for the app to later be removed from Google Play. JSEcoin reportedly reached out to support, in response to the Google team stated that the app had been suspended, citing a violation of its terms.