Google Allowed Some Crypto Ads
Google’s new policy that came into force on August 3, again allows advertising of financial products related to cryptocurrencies.
The company banned ads for cryptocurrency and Initial Coin Offering (ICO) in June 2018. Now, the updated policy allows regulated cryptocurrency organizations to advertise their services again. But ICOs remained on the sidelines.
Changes to the firm’s policy were proposed in June. With the innovations, cryptocurrency exchange businesses and crypto wallets targeting US consumers can advertise their services and products as long as they fit certain requirements.
Google’s new rules require advertisers to register with the Financial Crimes Enforcement Network (FinCEN) as a money services business. In addition, the advertiser must be listed as the originator of the money as a federal or state banking institution.
But Google still doesn’t allow ICO ads, DeFi trading protocols, or cryptocurrency trading promotion. Cryptocurrency promotions done by celebrities are also banned.
In addition, advertisers are prohibited from linking to crypto investment advice websites, aggregators or affiliate sites that contain relevant content or broker reviews.
It’s not just the tech giant that strictly regulates cryptocurrency advertising. For example, just last month, content platform TikTok banned users around the world from posting ads related to the cryptocurrency industry.