In a policy update announcement, the tech giant Google proposed new rules for crypto companies to advertise on its advertising network. Earlier in March 2018, Google had put a blanket ban on crypto advertisements. The ban, which took effect in June 2018, prevented advertisers from promoting crypto-related products, including, but not limited to, initial coin offerings (ICOs), exchanges and wallets, and trading advice.
Beginning August 3, advertisers offering cryptocurrency exchanges and wallets targeting the United States may advertise those products and services when they meet the requirements and are certified by Google.”Google Policy Update
The new policy update will allow advertisers who offer crypto products like cryptocurrency exchanges and wallets and targeting US customers to be able to advertise on the Google Ads network if they meet certain requirements that is been set by the company.
Advertisers need to apply to Google first to get certified for the program. And to be able to get certified, advertisers will need to be duly registered with either FinCEN as a Money Service Business and with at least one state as a money transmitter or they have to be a federal or state-chartered bank entity.
They also need to comply with relevant legal requirements, including any local legal requirements, whether at a state or federal level, and have to ensure that their ads and landing pages comply with all Google Ads policies
In addition to setting new guidelines, Google also revoked all certifications that were awarded prior to the policy update and have instructed advertisers to request new Cryptocurrency Exchanges and Wallets certification with Google when the application form is published in July 8, 2021.
Although Google is easing up on cryptocurrency restrictions on its advertisement network, one must remember that they are strictly not allowing Ads for initial coin offerings, initial DEX offering, DeFi trading protocols, crypto loans, purchase, sale, or trade of cryptocurrencies or related products. Cryptocurrency trading signals, cryptocurrency investment advice, aggregators, or affiliate sites containing related content or broker reviews are also not allowed on its platform.
Facebook had also put a complete ban on advertisements for cryptocurrency-related products in early 2018 to protect its users stating that ICOs and cryptocurrencies are not currently operating in good faith and are misleading. We think it’s time that Facebook might also need a re-look at its blanket ban policy.
Both the tech giants had put restrictions and ban following multiple crypto scams that happened in 2017 primarily related to bogus ICOs that lead to the loss of millions from small investors.