Google taking a U-turn over cryptocurrency exchanges ads
Google is the largest internet search engine in making a U-turn by overturning advertising prohibit on cryptocurrency exchanges. The search Goliath has joined Twitter and Facebook in the year-earlier with a blanket ban on cryptocurrency advertising ban.
The online corporations were worried that unethically crooks were ripping off the users with scam initial coin offerings and bogus electronic wallets.
Facebook, the online social networking company reversed the advertising policy by allowing vetted cryptocurrency exchanges to post marketing materials on the social media network. While the cryptocurrency boom has produced both excitement and wealth, it has also spawned fraud and high-profile scams, as regulation struggles to catch up with a fast-moving space. At various points earlier this year, Google, Facebook, Twitter and Snap all cracked down on crypto-related advertising to stop bad actors, though their initial hard-line approaches prevented even legitimate businesses from buying ads. Google has joined them by allowing some of the cryptocurrency exchanges which is to advertise in Japan and the United States. Some of the users advising the move are to stop Facebook sweeping up advertising revenues.
The corporation is going to update advertising policies to permit regulated cryptocurrency exchanges to post marketing messages. The exchanges must have a certification from the Google that shows that their businesses are, obeying with all the Google ads policies, obeying with all legal requirements in the countries where they are going to trade and licensed by the financial services authority in the places where they trade.
Google’s updated policy applies to advertisers all over the world, though the ads can only run in the U.S. and Japan, and interested parties will need to apply for certification to serve ads in each country individually. Google’s move follows Facebook, which started allowing preapproved cryptocurrency advertisers in June. Google spokesman said that the Google Ads policy on financial services and the other products will be updated in the month of October to allow regulated cryptocurrency exchanges to advertise in Japan and the US.
Facebook Ban was lifted for the regulated exchanges in June and both sites will continue to block advertising for rolling spot forex, binary options, ICOs, contracts for difference and other products. Google’s sudden ban on cryptocurrency ads sent shockwaves through the industry last spring. In a reversal in October, Google announced it would roll back part of its ban. While there is still additional scrutiny on the cryptocurrency space, this is yet another sign of broad acceptance. The new update gives a green light to one type of cryptocurrency ads, specifically those for “regulated cryptocurrency exchanges” in the U.S. and Japan.
Cryptocurrency monitor ICO rating quoted data and suggests 55 percent of ICOs failed in the second quarter of 2018 and also many suffered losses that were passed on to investors, the failure rate was 5 percent up on the first three months.
53 percent of DApps were also unsuccessful. Most were based on tokens rather than cryptocurrency coins. ICOs have collected 20 billion dollars from 789 projects as per to 2018 records.