Crypto firms can now advertise in Google as its new policy takes into effect
The tech giant revised its policies in June to allow crypto ads but advertisements on initial coin offerings (ICO) are still banned from the platform.
Wed, 04 Aug 2021, 13:24 pm UTC
Google is allowing crypto firms to advertise on its platform once more as long as they meet certain requirements. The tech giant revised its policies in June to allow crypto ads but advertisements on initial coin offerings (ICO) are still banned from the platform.
Google banned ICO and crypto-related advertisements back in June 2018, according to Cointelegraph. However, the company reversed its ban in June this year and its updated policy now allows crypto firms to market their services starting August 3, 2021.
Google’s revised crypto ad policy stated that “advertisers offering cryptocurrency exchanges and wallets” targeting U.S. consumers must meet certain requirements before they are allowed to advertise their services and products on the platform.
One of these requirements is that entities seeking to advertise the products or services must be registered with the US Financial Crimes Enforcement Network (FinCEN) as a Money Services Business with at least one state as a money transmitter, according to Business Insider. They must also comply with legal requirements and Google’s advertising policies.
The move could lend more credibility to crypto firms advertising on the platform. It could also generate more revenues for Google’s parent firm Alphabet.
While Google’s new policy now allows crypto wallets and exchanges to place their ads, it still has its limitations. The company will still not accept advertisements for ICOs and DeFi trading protocols.
Google is still banning celebrity crypto endorsements, which could be a move aimed at preventing fake celebrity endorsements. The company will also not allow ads “promoting the purchase, sale or trade of cryptocurrencies or related products.”
The company provided a list of products or services that are banned from advertising on its platform. These include “ICO pre-sales or public offerings, cryptocurrency loans, initial DEX offerings, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets, and unregulated DApps.”
The tech giant also prohibits crypto ads from linking to sites that host “cryptocurrency trading signals, cryptocurrency investment advice, aggregators or affiliate sites containing related content or broker reviews.” This means that firms that aggregate or compare issues of cryptos can’t advertise on Google's platform.
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