Google has been facing a lot of criticism from the consumers in the United States for banning cryptocurrency ads. Back in 2018, the legal consultation team at Google came across some legal barriers that could expose them to lawsuits if they allow cryptocurrency promotions. There has also been a demand for Google to take part in the crypto mania itself. However, there is no such news from the tech giant of the decade.
A few days ago, Google announced that it is going to revise its legal policy and make way for advertising cryptocurrencies in the United States. This news has caused a big rally movement for many digital assets. Many exchange platforms are lining up to market their services via Google. At this point, a rudimentary allowance has been issued. In August a more detailed and polished Google market services could be present to guide the marketers.
Google Finds a way for US-based Crypto Enterprises to Place Online Ads and Promotions
The Alphabet Inc. subsidiary company, Google, has become the most well-known and used search engine service in the world. Nevertheless, in 2020 YouTube, a streaming service now owned by Google, faced a lawsuit for cryptocurrency frauds to happen without keeping checks on their platform. In addition, Google also came under fire for not doing anything about the online crypto-related scams that seem to be increasing by the day.
After a long period, Google claimed that it would allow only US-based crypto exchanges who are registered with FinCEN. FinCEN is the Financial Crimes Enforcement Center that would ensure that no bad actors remain in the game. The crypto firms would still have to be in line with the Google Ads rules. At present, Google has decided to keep away from ICOs (initial coin offerings) promotions.
Crypto Exchanges are Finding Google Alternatives for Advertising
Until this point, many crypto enterprises in the United States, including FTX, have formed a partnership with other marketing organizations. To make itself known, FTX acquired the title of the first-ever crypto enterprise to sponsor professional basketball. The crypto enterprise signed a $135 million deal, including naming rights to power the Miami Heat.
It would be a good business strategy to enable cryptocurrency advertisement when there are more than 4000 blockchain variants. In 2018, Google was allowing only regulated crypto platforms to advertise with SEO and SEM campaigns. This ease in restriction allowed consumers in the United States and Japan to get exposure to a limited number of digital assets. Google is still not lifting the ban from DeFi protocols ads, investment advice, trading indices, or comparative crypto services.
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