Google ends ban on cryptocurrency-related advertising

Alphabet Inc’s Google (NASDAQ:GOOG) said on Tuesday it is ending a ban on cryptocurrency advertising which would allow regulated crypto exchanges to buy ads in the US and Japan starting in October.

“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,” a post on Google entitled “An Update to Financial Products and Services Policy” said.

The world’s largest search engine said “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’s post said.

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The company’s original restrictions were announced in March and then rolled out in June. They were aimed at protecting consumers and the ban included initial coin offerings (ICOs), wallets and trading advice, which are still not allowed.

The boom in cryptocurrency has produced excitement and fear among investors as regulators struggled to fight fraud and scams in cryptocurrency trading.

The ban last June covered “cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice),” Google then said.

Google’s parent company Alphabet, makes almost 90% of its total revenue from advertising, reporting more than $54 billion in ad revenue for the first half of 2018.

Alphabet shares rose nearly 1% to $1,182.42 in midday trade.

Story by ProactiveInvestors