Google Announces Partial Reversal of Crypto Advertising Ban
Google announces it will partially reverse its cryptocurrency advertising ban, allowing some regulated exchanges and wallet providers to advertise after certification.
On March 14, 2018, Google announced modifications to its recently announced cryptocurrency advertising ban, clarifying that certain regulated cryptocurrency businesses would be permitted to advertise after going through a certification process. The partial reversal came after significant pushback from legitimate cryptocurrency businesses and recognition that a blanket ban prevented compliant companies from reaching customers while doing little to stop actual fraud.
The modified policy allowed regulated cryptocurrency exchanges and wallet providers to advertise if they met certain criteria including proper regulatory licensing in jurisdictions where they operated and passing Google's certification process. However, advertisements for ICOs, cryptocurrency trading advice, and various other cryptocurrency-related products remained prohibited.
The policy change reflected Google's attempt to balance investor protection concerns with recognition that legitimate cryptocurrency businesses deserved access to advertising platforms. For Bitcoin businesses, the partial reversal provided some relief, though the certification requirements and remaining restrictions still limited marketing options compared to pre-ban conditions.
The situation highlighted a challenge facing cryptocurrency industry: platforms like Google and Facebook wielded enormous power over businesses' ability to reach customers, and their advertising policies could dramatically impact cryptocurrency companies regardless of whether those companies operated legally and ethically.
The cryptocurrency community's mixed response—relief that total prohibition was softened but frustration at continued restrictions—reflected ongoing tension between cryptocurrency's anti-establishment ethos and its dependence on centralized internet platforms for marketing, communication, and customer acquisition.For Bitcoin specifically, Google's modified policy mattered less than for newer projects that relied heavily on advertising, since Bitcoin benefited from organic awareness and didn't have a company behind it running marketing campaigns.