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Under Google’s new policy that went into effect on August 3, advertisers offering cryptocurrency exchange and wallet services are once again allowed to market their products.
Google is effectively allowing crypto advertisement again, now that its updated financial products and services policy is in full effect since August 3. This means that cryptocurrency exchanges and wallets are able to expand their tools in their quest for market share. Just in time for the continuation of the next run of the bull-cycle.
It was back in June 2018 that the internet giant banned crypto and Initial Coin Offering (ICO) related advertisements. ICO’s however are not included in Google’s latest policy update.
Google’s crypto ad policy states that !advertisers offering cryptocurrency exchanges and wallets” targeting U.S. consumers are allowed to advertise their services and products. But, only if they meet specific requirements.
It is expected that the move will generate additional revenue for Google’s parent company Alphabet. Nonetheless, with over $147 billion in advertising revenue, crypto ads should not make a huge difference altogether.
Google’s will keep strict requirements that are designed to weed out shady advertising and blatant crypto scams. A requirement is that advertisers must be registered with the 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.”
Advertisements for ICOs, DeFi trading protocols or the promotion of purchasing, selling or trading cryptocurrencies are not permitted. Celebrity endorsements are also barred, which is plausible considering a recent boost of fake celebrity endorsements.
With the updated policy, Google also bars crypto ads from linking to websites that host “cryptocurrency trading signals, cryptocurrency investment advice, aggregators or affiliate sites containing related content or broker reviews.”
Three weeks ago, popular social media platform Tiktok already banned its users from promoting all financial products and services including those related to cryptocurrency.