In March, Google executive Scott Spencer stated that cryptocurrency investments have potential to cause harm in financial markets, leading the search giant to ban crypto ads. Google, the $828 billion search engine behemoth, has unbanned crypto-related ads, allowing regulated companies to utilize its platform to advertise their products.
The reverse ban of crypto-related ads by Google has demonstrated the willingness of the conglomerate to work with legitimate projects and companies in the cryptocurrency sector.
In June, Cryptoworld News reported that experts in the finance sector including Manchester-based investment firm Blackmore Group CEO Philip Nunn heavily criticized Google for banning the entire industry of crypto.
Nunn stated that both Facebook and Google showed interest toward crypto and blockchain technology and yet decided to prematurely ban the entire market on their platforms.
“I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices,” he said.
At the time, multi-billion dollar fintech corporation Revolut Head of Mobile Ed Cooper expressed his concerns over the imposition of a blanket ban, which unfairly punished legitimate companies working to build robust platforms and services for investors in the market.
Although the intent of Google and Facebook was to ban out ponzi schemes and crypto-related scams, well-established companies like Coinbase and Binance were also prohibited from acquiring ads on the platform. Nunn stated:Unfortunately, the fact that this ban is a blanket ban will mean that legitimate cryptocurrency businesses which provide valuable services to users will be unfairly caught in the crossfire.” As Ethereum co-creator Vitalik Buterin previously explained, cryptocurrencies and blockchain technology have achieved a high level of awareness amongst consumers in the mainstream. But, as an industry in its early phase, development of robust infrastructure is necessary to allow cryptocurrencies and digital assets to evolve into a major asset class.
A blanket ban on the entire sector of crypto prevented recognized and prominent companies in the space from expanding their services, reach, and user base. The reverse ban of Google will allow institutions and individual investors in the market to build confidence in the market of crypto.
Starting October, only verified companies in the crypto sector of US and Japan will be able to purchase ads on Google. But, companies will be permitted to file applications with Google to publish ads in other countries as well, which over time is expected to evolve into an international reverse ban on crypto ads.
For the sake of investor protection, the move of Google to manually approve ads from blockchain projects and cryptocurrency-related businesses is positive, as it will filter out illegitimate services and scams that could impact both Google and the cryptocurrency industry negatively.