Google’s new policy, which went into effect on August 3, now allows for the advertising of crypto exchange and wallet services.
After its new financial products and services policy went into effect on August 3, Google started advertising crypto ads again.
In June 2018, the global corporation banned crypto and Initial Coin Offering (ICO)-related marketing, however, the amended policy permits regulated crypto entities to offer their services once more. ICOs, on the other hand, have been left out in the cold.
Google’s revised crypto ad policy was first announced in June, and it states that “advertisers offering cryptocurrency exchanges and wallets” targeting US consumers can advertise their services and products if they match certain criteria.
Although crypto ads would likely be a drop in the ocean of the business’s $147 billion in advertising income, the move will create extra sales for Google’s parent company Alphabet.
Google’s stringent guidelines are intended to screen out dubious advertising and outright cryptocurrency scams. Advertisers must register as a “money services business” with the Financial Crimes Enforcement Network (FinCEN) and with at least one state as a money transmitter or a federal or state-chartered bank company.
Ads promoting ICOs, DeFi trading systems, or the advertising of buying, selling, or trading cryptocurrencies will be prohibited. Celebrity crypto endorsements are also prohibited, which may assist to alleviate some of the problems associated with phony celebrity endorsements.
In addition, Google’s new policy prohibits crypto advertisements from referring to websites that include “cryptocurrency trading signals, cryptocurrency investment advice, aggregators or affiliate sites providing related material or broker reviews.”
Last month, TikTok said that crypto-based promotional content had been banned as part of a campaign to prohibit the platform from advertising any financial services or products.
The news that Bitcoin can once again be advertised via Google was viewed as a “bullish” sign for the cryptocurrency by Redditors on the r/Bitcoin forum, though user “Brief-Music-5825” suggested that Google should “block phony crypto news as well.” The amount of bogus news that spreads FUD is incredible.”