Google Reversing Crypto Ads Bans A Certificate Of Blockchain Market Readiness?
The term “unpredictable” by this point has become almost synonymous with the crypto industry, as it was recently fully shown when tech giant Google decided to stop sharing digital assets from using its advertising services after a long period of nearly three years.
In this context, a policy update blog published by the company states that from August 3, crypto exchange and wallet operators will again be able to advertise “Google-certified products and services”.
Regarding the requirements that exchanges that want to advertise on the platform must meet, Google requires applicants to either be registered with FinCEN’s Financial Crimes Enforcement Network as a money services company (with at least one state as a money transmitter) or with a “Federally or state-recognized banking institution”.
While that doesn’t seem like much on paper, the update may allow prominent digital financial institutions looking to enable movement between physical and digital assets to re-use the reach of Google, giving their products a presence entirely new investor base.
That being said, there are still certain restrictions that are firmly in place. For example, according to the upcoming policy update, a large proportion of today’s emerging decentralized finance projects will not be able to use the company’s services. “Advertising for Initial Coin Offerings, DeFi trading protocols or other advertising for the purchase, sale or trading of cryptocurrencies or related products” is still prohibited, the announcement said.
Finally, it should be noted that crypto service providers such as news agencies, chart aggregators, signal operators, and analytical advisories continue to remain on Google’s digital blacklist.
Google’s tumultuous past with crypto ads
Anyone who has followed crypto remotely in the past few years knows that Google has continued to confuse the world with its strange policies around the digital asset market, some even claiming they are “biased and unfair.”
For example, the search engine giant changed its stance on banning exchange-related ads throughout 2018, with the company even blacklisting certain terms – including Ethereum, which is now the second largest cryptocurrency on the market – and so the growth of the sector.
But with the new ad structure going into effect in just over a month, US-based crypto lovers will be bombarded with a barrage of ads related to some of the biggest players in the market today like Binance US, FTX, and many more.
To highlight just how big some of these trading platforms have become, FTX just announced a few months ago that it had acquired the naming rights in the home court of Miami Heat, which is slated to be renamed FTX Arena by 2040.
Will the move have serious consequences?
Ilija Rolovic, Chief Marketing Officer of Enjin – a blockchain ecosystem – believes that by adopting certain crypto-related ads, Google will help fuel the growth of the space. “Now is the right time for Google to open the doors to this type of innovation as it will be a core part of the digital marketing stack of the future,” he added
On the topic, Jack Tao, CEO of the Phemex cryptocurrency exchange, said that the move appears to be in line with the broader trend of increasing institutional acceptance and acceptance of mainstream crypto offerings, adding:
“Over the past year, we’ve seen numerous examples of leading financial firms who they believe have made a full 180 out of BTC, payment processors, and companies accepting the digital currency. […] Given the real potential of this area, all major players realize that they must either start adapting now or fall by the wayside. “
As already mentioned, only FinCEN or state-registered exchanges can currently advertise their services in the Google advertising network. However, the decision in itself seems to be real evidence of how far the industry has come in the last three years, as the second half of 2017 and all of 2018 seemed to be full of ICO scams and other nefarious activity.
Marie Tatibouet, Chief Marketing Officer of the Gate.io cryptocurrency exchange, shared her opinion on the matter with Cointelegraph that the markets have moved into a whole new dimension over the past 36 months, adding:
“From fraudulent ICOs we are on the multi-billion[dollar] DeFi market. Bitcoin and cryptos have been mainstream embraced, with institutions buying up hordes of bitcoins and NFTs and redefining digital ownership. The people at Google are smart and knew it was time to get back into the game. “
While there is no doubt that the increased visibility will give the crypto sector a little boost, Tatibouet doesn’t think the development will be a “game changer”, at least in terms of increasing adoption. “Let’s be honest, cryptocurrencies are already mainstream. There are millions of tweets and Reddit posts on the subject every day. Celebrities are constantly promoting their NFTs, ”she said.
The DeFi sector is still neglected
According to Google’s latest policy revision, ads related to “DeFi trade logs” remain banned, which begs an interesting question as to why the company is still neglecting such a growing market – one that currently has an incredible Total Value (TVL) of around 77 Billion dollars.
Anton Bukov, co-founder of DeFi platform 1inch Network, told Cointelegraph that big names like Google are slowly but surely realizing that the current boom in decentralized finance is being powered by real-world projects backed by technologies whose reach extends far beyond that Limits even to the related projects. He added:
“Many serious players in the DeFi industry are looking for additional ways to promote themselves and expand their user base. Therefore, they will be very interested in working with leading platforms such as FAANG (Facebook, Amazon, Apple, Netflix and Alphabet). “
The fact that Google ads are constantly being seen by hundreds of millions of users who may not have previously had any contact with the cryptocurrency market is extremely noticeable, especially when you consider that DeFi, by and large, is still without the support of. Mainstream advertising is not growing, but rather old-fashioned word of mouth.
Related: Mainstream Adoption Targeted: Another DeFi Summer On The Way?
Therefore, it will be interesting to see if Google will go a step further in the near future and update its policy terms to include DeFi platforms in its list of companies allowed to advertise on its platform, which currently has an active user base of more than 265 . has millions of people spread across the planet.