Google’s bringing back crypto ads, at the cost of many crypto firms being left out.

Spotlight:

  • Starting Wednesday, August 3, Google will once again enable crypto businesses to advertise on its network.
  • Crypto commercials were prohibited by the world’s largest ad network in March of this year.
  • Only crypto wallets headquartered in the United States and licensed with FinCEN are eligible for the new regulation.

After Google updated its policy in June, cryptocurrency advertisements are once again available on its advertising platforms, although they aren’t as open as they were previously.
In March of this year, the internet giant prohibited any advertising linked to cryptocurrency firms and initial coin offerings (ICOs). Almost all crypto products, particularly trades, wallets, and other services, were banned under the regulation.
In June, Google changed its policy to enable chosen firms to use its ad network, the world’s largest, as proof that the crypto and blockchain industries had miraculously grown in only three months.

All prior Cryptocurrency Exchange certifications will be revoked on August 3, 2021. Advertisers must request new Cryptocurrency Exchanges and Wallets certification with Google when the application form is published on July 8, 2021.

Google made a statement in June.

“The new policy allowing crypto ads on Google’s network again goes live today, on August 4.”

Only crypto companies based out of the US will be able to place ads on Google. The new policy applies to crypto wallets based in the US only. The ads, however, will be displayed globally.

Google also requires crypto companies to qualify as a Money Services Business with the US Financial Crimes Enforcement Network (FinCEN) in at least one state as a money transmitter.
Businesses advertising on their network get more trust as a result of this. They must also register with a federal or state-chartered bank and adhere to “relevant legal requirements” as well as Google’s personal advertising standards.
Trading systems for initial coin offers (ICOs) and decentralized finance (DeFi) will have to wait their time.

The new policy does have certain limits. While crypto wallets and exchanges are no longer prohibited, Google will not allow advertisements for ICOs or DeFi trading methods. The business also stated that it will not advertise items that are “otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products,” and offered a non-exhaustive list of such products.
According to the tech giant, “ICO pre-sales or public offerings, cryptocurrency loans, initial DEX offerings, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets, unregulated DApps,” are just a few of the items that are still prohibited.

This implies that advertising for crypto trading signals, crypto investment advice, and aggregators or affiliate sites that carry similar information — such as broker reviews — will be prohibited. Google basically doesn’t want firms that gather or compare cryptocurrency issuers to advertise on its platforms.
While the crypto community may view Google’s policy change as a victory, the tech giant may be correct in maintaining the above restrictions. “Facebook ads are plastered with crypto scams. Not sure this is good news,” Redditor expressed worry, echoing a common issue expressed by experts and users about crypto advertising.

Allowing crypto advertising on Google’s platforms in stages may offer the company more time to assess the sector and grasp its intricacies. During Bitcoin’s bull run last year, crypto exchanges grew in popularity, resulting in more regulatory scrutiny and greater awareness among consumers. However, many more crypto goods stay in the shadows.

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