Here’s what you need to know:
all-out ban on cryptocurrency related advertising
- Google will now allow regulated cryptocurrency exchanges to purchase ads that will be able to run in Japan and the United States
- This change from Google comes after Facebook allowed certain types of ads related to cryptocurrency to be purchased on its platform in June 2018
- The ban on Google Ads will be lifted in October
70.9 percent of Google’s total revenue comes from advertising. Keeping this in mind it is no wonder that Google has decided to lift the ban on certain cryptocurrency advertisements just 4 months after Facebook started allowing cryptocurrency ads on its platform. Not wanting to lose out on a potentially massive revenue stream, Google is allowing regulated ads to be purchased and displayed in Japan and the United States.
In March 2018, Google announced that it would restrict ads related to cryptocurrency in order to protect consumers. These restrictions included Initial Coin Offering (ICO’s), wallets and trading advice, all of which are still currently restricted.
Due to the nature of the growth in this industry, there has been a significant increase in fraudulent activity related to cryptocurrency, which is why these types of Google Advertisements were restricted in June of 2018. All major social media platforms cracked down on cryptocurrency advertising in order to allow regulations to catch up to the exponential growth and high-level fraudulent activity associated with cryptocurrency.
However, in taking such a hard and fast approach to cryptocurrency advertising, Facebook and Google also alienated legitimate businesses and restricted them from advertising too. As of October 2018, the Google Ads policy relating to financial products and services will allow regulated cryptocurrency exchanges to buy ads and advertise in the US and Japan.
In order to qualify for advertising, advertisers will have to be certified with Google within the specific country that their ads will be delivered, the US or Japan currently. Advertisers will be able to apply for this certification only when the new/updated policy launches in October. However, the policy will apply globally to all accounts that purchase ads for a financial product.
For all regulated cryptocurrency exchanges now is the time to plan your paid digital marketing strategy. The Google financial products and services page will be updated in October once the ban has been lifted, and it will be essential to follow the regulations to the letter in this policy if your ads are to be approved by Google.
We will have more on this topic as the policy is rolled out and more information on the new regulations can be obtained.