Google announced an update to its financial products and services policy, which includes its cryptocurrency advertising policy. The new rules will go into effect in August and all previous crypto exchange certifications will be revoked. Advertisers must apply to Google for a new certification for cryptocurrency exchanges and wallets.
Google introduces new rules for crypto ads
Google Inc. released a notice on Wednesday regarding its new crypto advertising policy. “This policy applies worldwide to all accounts that advertise these financial products,” wrote the Internet giant.
The announcement said that Google will update its existing guidelines on financial products and services in August “to clarify the scope and requirements to enable the promotion of cryptocurrency-related businesses and services.” The tech giant wrote: “Beginning August 3, advertisers offering US-targeted cryptocurrency exchanges and wallets will be able to advertise these products and services if they meet the following requirements and are Google certified.”
The company went on to explain how advertisers can get certified. First, they must be properly registered with the Financial Crimes Enforcement Network (FinCEN) “as a money services company and with at least one state as a money transmitter”. Alternatively, the advertiser can also be “a state or state-recognized banking company”.
In addition, Google advises that advertisers must meet all relevant legal requirements, including state, local, and state laws, and they must also ensure that their ads and landing pages comply with all Google Ads guidelines. The company developed:
All previous certifications for cryptocurrency exchanges will be revoked on August 3, 2021. Advertisers must apply for a new certification for cryptocurrency exchanges and wallets with Google when the application form is published on July 8, 2021.
Meanwhile, Google has made it clear that some ads are not allowed. These include “Ads for Initial Coin Offerings” [ICO], Defi-trade protocols or otherwise promote the purchase, sale or trading of cryptocurrencies or related products. ”In addition,“ Ad targets that aggregate or compare issuers of cryptocurrencies or related products ”are also prohibited.
“ICO pre-sales or public offers, cryptocurrency loans, DEX first-time offers, token liquidity pools, cryptocurrency recommendations from celebrities, unhosted wallets, unregulated dapps, cryptocurrency trading signals, cryptocurrency investment advice, aggregators or affiliated websites with related content or broker reviews” are some examples of unauthorized ads .
The latest Google Policy on Financial Products and Services states: “We consider financial products and services as those that are related to the management or investment of money and cryptocurrencies, including personalized advice.” Crypto advertising is currently allowed in the US and Japan.
What do you think of Google’s new policy on cryptocurrency ads? Let us know in the comment section below.
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