Tech giant Google announced that it would update its financial products and services policy in August to “clarify the scope and requirements to allow the advertisement of cryptocurrency-related business and services.” Google will begin accepting advertisements of cryptocurrency exchanges and crypto wallets targeting U.S. consumers on its platform beginning Aug. 3. Crypto firms need to meet certain requirements set out by Google before advertising.
Crypto exchanges and wallets need to be registered with FinCEN.
In order to advertise on Google, exchanges and wallets need to “be duly registered with FinCEN as a Money Services Business and with at least one state as a money transmitter or a federal or state-chartered bank entity,” ” crypto firms must comply with relevant legal requirements, including any local legal requirements, whether at a state or federal level” and “ensure their ads and landing pages comply with all Google Ads policies.” The new certification process will replace one that has existed for crypto exchanges since late 2018.
Google’s changes its crypto ads policy.
Earlier in 2018, Google made waves when it banned crypto advertising from its search engine, which came after Facebook undertook a similar policy shift earlier that year. Yet in September 2018, Google walked back that strict policy somewhat, allowing for crypto exchanges to become certified advertisers on the platform for the U.S. and Japanese markets. Elsewhere, critics have long accused Google of not adequately addressing crypto-related ad scams. According to Google’s new statement, it will not allow advertisements for “initial coin offerings, DeFi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products.” Cited examples include “initial DEX offerings, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets, unregulated DApps.”