After Facebook ended its blanket ban on advertising by cryptocurrency companies, Google has now followed suit. There's, however, a catch. Google will only be allowing cryptocurrency exchanges that are regulated to buy ads only in two countries: the United States and Japan.
The company is planning to make changes to its ads' policy in October this year. A statement released by the company noted, "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.
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.
For more details, see About restricted financial products certification. The Financial products and services page will be updated once the policy goes into effect." The ending of the ban means that regulated cryptocurrency-based exchanged from across the world can apply for certification although their advertisements will run only in the two aforementioned countries.
Likewise, the exchanges which are applying for any such certification to run ads will need to apply to each country on a separate basis. Google had announced that it would be cryptocurrency ads back in March this year in order to protect its customers.
Back then, speaking about why the decision was taken, the company director of product management and sustainable advertising, Scott Spencer had shared, "We don't have a crystal ball to know where the future is going to go with cryptocurrencies, but we've seen enough consumer harm or potential for consumer harm that it's an area that we want to approach with extreme caution."