Google now allows ‘regulated’ cryptocurrency exchange ads

Google had banned ads promoting cryptocurrencies and initial coin offerings earlier this June. The new change will be effective only in Japan and the US.

Google tweaks its cryptocurrency ad ban. (REUTERS)

Alphabet Inc.'s Google changed its blanket ban on cryptocurrency-related advertising, saying it will now allow "regulated" cryptocurrency exchanges in Japan and the US to run ads on its websites.

"Advertisers will need to be certified with Google for the specific country in which their ads will serve," Google wrote in Tuesday in a blog post, adding that advertisers can apply for certification starting in October.

The US Securities and Exchange Commission requires cryptocurrency brokers and exchanges to take measures against money laundering and to ensure they know the identities of the people who are buying and selling. Exchanges like Coinbase and Gemini require their customers to prove their identity.

The internet search giant in March said it would ban ads promoting cryptocurrencies and initial coin offerings, a restriction that took effect in June.