Google Reversing Stance on Anti-Crypto Advertising Now Comes into Effect
“Beginning August 3, advertisers offering Cryptocurrency Exchanges and Wallets targeting the United States may advertise those products and services,” said Google in June 2021, when it reversed its anti-crypto advertising stance.
Back in mid-2018, Google banned crypto and initial coin offering (ICO) related advertisements but now regulated entities are allowed to market their services.
This new policy will apply to Google search and its third-party sites, including YouTube and Gmail.
Advertising sales generate $147 billion in revenue, more than 80% of Google’s parent company Alphabet’s total revenue. And with the public interest in cryptocurrencies high, this reversal could help boost its advertising sales further.
According to the updated Financial product and services policy, Google allows ads for cryptocurrencies and related products and services in limited circumstances due to the “complex and evolving nature of regulations” related to them.
The tech giant allows crypto exchanges and wallets to advertise on its platform if the account is certified by Google and the advertiser is a licensed provider registered with the FinCEN or a federal or state-chartered bank entity.
The products advertised along with the ad must comply with the local laws and industry standards as well.
Meanwhile, businesses not pertaining to the purchase, holding, or exchange of crypto, such as those accepting payment in crypto, crypto mining hardware, and platforms that rely on blockchain for operations, are subject to other Google Ads policies.
What’s not allowed is ads for ICOs, promoting purchase, sale, or trade for crypto, or DeFi trading protocols. In its non-exhaustive list of examples not allowed, Google also mentions crypto loans, initial DEX offerings, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets, unregulated DApps.
Ad destinations that aggregate or compare issuers of cryptos such as trading signals, investment advice, aggregators, broker reviews, or affiliate sites containing related content aren’t allowed either.
Just last month, popular social media platform TikTok announced the ban on the promotion of investments, including cryptocurrency ads. While its ad policy stated that financial services are allowed to be advertised to users over the age of 18, crypto-related ads are altogether prohibited on the platform.