Google’s advertising ban on cryptos has officially been lifted. As of August 3, the tech giant will allow companies in the crypto space to advertise on its search engine and sites that are a part of its platform.
Google had already updated its advertising policy in June, to take effect in August. According to Google, “as of August 3, advertisers offering brokerages and cryptocurrency wallets aimed at the US can advertise these products and services”.
Policy Changes for New Crypto Regulation
With the revocation of the ad ban, Google has prescribed specific requirements that need to be upheld by advertisers. Google told Bloomberg in June that the change was made to comply with new US Financial Crime Enforcement Network (FinCEN) regulations.
The new policy will apply globally to Google Search and its third-party sites including YouTube, Gmail and Blogger.
Coinbase now appears as the top result when users search for the term “bitcoin” in the US, an exchange entry appearing with the recommendation to “buy and sell bitcoin at Coinbase”.
What Does This Mean for Crypto?
Bitcoin itself does not have a marketing budget, relying instead on the crypto grapevine or companies that provide bitcoin services to do the marketing.
The end of Google’s ban could lead to increased exposure for bitcoin and other cryptocurrencies by allowing companies to re-advertise.
Twitter, Facebook and Google prohibit the advertisement of initial coin offerings but allow exchanges or wallet services provided by a publicly traded crypto company to advertise with them, as long as they comply with local laws.
As Google has relaxed its advertising policy, other major advertisers might follow suit.
The change in Google’s attitude is very positive for the cryptocurrency market, which has faced regulatory uncertainty around the world. Being allowed on the Google ad network will obviously ensure bitcoin reaches a larger number of potential users.
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