Google lifts its ban on Crypto-Related advertising
Google finally lifts its advertising ban about crypto exchanges and digital wallets. The new policy shows the challenges in order to allow advertising for crypto-related business and services.
Fresh Rules on Crypto Advertisements
A policy update by Google declared that “from August 3, advertisers offering Cryptocurrency Exchanges and Wallets targeting the United States may advertise those products and services.”
However, first they will needed to be certified by Google by meeting the specific requirements:
- To be registered with either a Financial Crimes Enforcement Network (FinCEN) as a Money Services Business. And with at least one state as a money transmitter; or a federal or state chartered bank entity.
- Must comply with relevant legal requirements, including any local legal requirements, whether at a state or federal level.
- Must ensure their ads and landing pages comply with all Google Ads policies.
Still, there are some categories in the crypto world that they did not allow to advertise. These categories include Initial Coin Offerings (ICOs), Decentralized Finance (DeFi) trading protocols, and “Ad destinations that aggregate or compare issuers of cryptocurrencies or related products.” For a list of restricted financial products, look here.
All the previous certifications will be on renouncement after August 3. The advertisers will have to create a new application with an application form that Google published on July 8. The policy will apply to all accounts globally. And compliance with local legislation and the laws of target territories is a requirement.
Why were Crypto Ads Banned?
The policy changes came after a three-year ban on advertising cryptocurrencies. Where at some point “Ethereum” was among the blacklist words in the ads filter.
There was chaos by Google in 2018 when the ban on crypto advertising, after Facebook establish a ban. Both the companies indicated the sudden spike of crypto offers enticing investors into creating speculative investments. The ban was also a precautionary measure in order to protect their customers.
At the end of June 2018, the other social media conglomerates also issued a ban on crypto advertisements. But, some critics have accused Google for not properly addressing crypto ad scams which claimed different institutional and retail victims.
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