Google is reversing its ban on cryptocurrency adverts, which went into effect earlier this year. The search giant made the announcement on Monday, saying it would allow regulated digital currency businesses to advertise their services on its platform.
Google plans to tolerate buying of crypto ads on its network by verified exchanges in Japan and the U.S. However, CNBC reports that the company will maintain its global ban on Initial Coin Offerings (ICOs), trading advice and wallets, noting that the advertisements would only be available in Japan and the U.S. In January, the company banned crypto and ICO advertisements on its platform citing fraud issues.
The Mountain View, California-based firm released a statement saying, “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. This policy will apply globally to all accounts that advertise these financial products.”
Google is owned by Alphabet Inc, which generates about 85% of its total sales from advertisements posted on its platform. In the first half of this year, the company reported more than $54 billion in advertisement revenue.
Facebook also banned crypto-related advertisements in June, but reversed the decision weeks later. The social media giant did not lift the ban on initial coin offering advertisements, regardless.
Crypto businesses wishing to advertise on Facebook are required to provide key details regarding the type of services they offer. The company can ask whether the businesses are publicly-listed, or if they are licensed to operate by relevant authorities.
Snapchat and Twitter also cracked down on digital currency-related ads earlier in the year, a move that was termed as troubling and unfair by crypto enthusiasts.
Shares in Alphabet Inc were changing hands at $1191.82 after gaining $12.26 or 1.04% during the afternoon trading session on Tuesday. The stock has rallied nearly 12.89% since the beginning of the year.
Alphabet Inc Company Profile
Alphabet Inc., through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments.
The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality. This segment also offers digital content, enterprise cloud services, and hardware products, as well as other miscellaneous products and services.
The Other Bets segment includes businesses, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo, and X, as well as fiber Internet and Television services. Alphabet Inc. was founded in 1998 and is headquartered in Mountain View, California. – Yahoo Finance
