Just a couple of months after banning crypto related ads on their platforms, western media giants are reversing their stance with Facebook and Google now welcoming Coinbase, one of the world’s largest crypto exchange back.
Two days after Coinbase Founder, Brian Armstrong ecstatically announced via a tweet that their service was back on Facebook ads,
Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system ? pic.twitter.com/JqF5ssAqqh
— Brian Armstrong (@brian_armstrong) July 20, 2018
Google would follow the path of Facebook for the second time with John Lewis, CEO of Tokentarget frankly telling Finance Magnates that ‘Google would not like to miss out’ on the rapid growth being observed in the crypto industry.
Earlier in the year, Facebook announced a ban on crypto-related ads citing an increase in the number of scammers setting up fraudulent ICOs and gathering large volumes of investors money.
This decision was obviously dubbed as shortsighted as it would include a blanket ban on even legitimate big players in the cryptocurrency space like Coinbase who spent a lot of revenue on running ads.
That, though, didn’t stop Google from following Facebook’s step by banning crypto ads only three months later. Twitter and Snapchat followed shortly, but even that too has not stopped a surge of investor capital into the space.
The to decision to cripple the reach of cryptocurrency exchanges and businesses has not been fruitful, and a reversal is underway.
Coinbase Ads is back on Google!
After looking on as crypto industrialists explored new channels of acquiring new clients, the runaways are returning to crypto ads.
On June 26, Facebook announced a softened stance toward crypto ads, opening its arm back to only crypto ads that are not related to ICOs.
“We’ll continue to prohibit ads that promote binary options and initial coin offerings,” Product management director Rob Leathern said at the reunion announcement.
It would, however, take nearly a month until Coinbase is welcomed back to Facebook ads and then Google follows suit.
So far, it is not really clear whether the return of Coinbase to Google ads means that the media network now allows cryptocurrency ads but the chances are on the high side! Now Twitter and Snapchat could join the bandwagon soon.