Cryptocurrency News: Google Will Allow Cryptocurrency Ads Again In October

Starting in October, Google will change its ad policy in a way that is likely to please cryptocurrency enthusiasts. The search giant announced in its ad policies change log that advertisers will once again be able to advertise cryptocurrency exchanges, a reversal of a policy Google instituted earlier this year.

There are some caveats. Google will only allow ads for regulated exchanges of digital currencies, while still prohibiting ads for other cryptocurrency products. Advertisers trying to sell crypto wallets and trading advice will still be turned away by the company, according to CNBC.

In addition, Google will only accept cryptocurrency exchange ads in the United States and Japan from certified advertisers in those countries. All of these changes will go into effect starting in October.

Google originally announced it would ban cryptocurrency ads in March, before officially starting the policy in June. It joined other tech companies like Facebook, Snapchat and Twitter in regulating the advertisement of cryptocurrencies, mainly as a way to curb scams. The company removed more than 3 billion ads in 2017, per CNBC.

When Google made its March announcement, the company’s sustainable ads director Scott Spencer told CNBC the idea was to limit danger for consumers.

"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," Spencer said.

Regaining access to Google’s massive ad network is a win for a cryptocurrency market that is still working to gain mainstream acceptance. Google controls nearly 40 percent of all online advertisements, giving it a large lead in market share over its closest competitors, Facebook and Amazon. Most of its revenue comes from advertising.

Other companies have started giving bitcoin and other digital currencies a seat at the table in recent months. Morgan Stanley is said to be planning to offer bitcoin trading in the near future, for example. The French branch of the massive charity UNICEF will also take donations from several different cryptocurrencies. Even Starbucks will soon allow crypto payments.