Google has announced an update to its existing financial products and services policy, including a policy on cryptocurrency advertising.
According to its notice on Wednesday: “This policy will apply globally to all accounts that advertise these financial products.” The new rules will take effect on August 3, and all prior crypto exchange certifications will be revoked. Advertisers must request new cryptocurrency exchanges and wallets certification with Google when the application form is published on July 8, 2021.
In a policy statement, the tech giant said that “advertisers offering Cryptocurrency Exchanges and Wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google.”
The company explains that it will update its existing financial products and services policy “to clarify the scope and requirements to allow the advertisement of cryptocurrency related business and services.”
Google Inc. wrote that “advertisers offering cryptocurrency exchanges and wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google.”
Furthermore, the company explains how advertisers can be certified. At first, they must be appropriately registered with the Financial Crimes Enforcement Network (FinCEN) “as a Money Services Business and with at least one state as a money transmitter.” Or they can be “a federal or state chartered bank entity.”
The Internet giant noted that the advertisers must meet all relevant legal requirements, including state, local, and federal laws and they must also “Ensure their ads and landing pages comply with all Google Ads policies.”
In addition, Google declared that some ads are prohibited. These include “Ads for initial coin offerings [ICO], DeFi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products.” As well as, “Ad destinations that aggregate or compare issuers of cryptocurrencies or related products” are also not allowed.
“ICO pre-sales or public offerings, cryptocurrency loans, initial DEX offerings, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets, unregulated Dapps, cryptocurrency trading signals, cryptocurrency investment advice, aggregators or affiliate sites containing related content or broker reviews” are a non-exhaustive list of the advertisements that are prohibited.
Before, in March 2018, Google made a splash when it banned crypto ads from its search engine, following Facebook’s similar policy change earlier that year. In September 2018, Google roll back that strict policy a bit, allowing for crypto exchanges to become certified advertisers on the platform for the U.S. and Japanese markets. Meanwhile, critics have long accused Google of not adequately addressing crypto-related ad scams.