Google finally lifted its ban on cryptocurrency exchanges using Google Ads services, after almost three years under restriction
Google has finally lifted the ban on cryptocurrency exchanges using the Google Ads service, after nearly three years of restrictions.
Google lifted a nearly three-year-old policy banning cryptocurrency exchanges from using its ad services
Google has lifted a ban on cryptocurrency exchanges and digital wallets, banning them from using Google’s advertising services. It is a policy that has lasted for nearly three years.
According to the document, Google will update its financial products and services policy in August to make it more clear to crypto exchanges about all the requirements needed to allow advertising through the platform.
In a policy statement published Wednesday, the tech giant said that:
“Beginning August 3, 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 tech giant then went on to explain how advertisers may get accredited. They must first register with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business and with at least one state as a money transmitter. Alternatively, the advertisers can be a federal or state-chartered bank entity.
Only cryptocurrency exchanges in the United States are allowed to promote their businesses through Google. However, some restrictions remain for crypto companies launching ICOs (Initial Coin Offering), DeFi trading protocols, and any cryptocurrency trade or related products.
Advertisers will be required to request a new “Cryptocurrency Exchanges and Wallets certification” with Google through an application form that will be available beginning July 8. Prior cryptocurrency exchange certifications will be revoked on Aug. 3.
Meanwhile, Google clarified that some ads are 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 some examples of the ads that are not allowed.”
The tech giant further added that among prohibited ads are:
“Ads for Initial Coin Offerings (ICO), Defi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products. Ad destinations that aggregate or compare issuers of cryptocurrencies or related products.”
Google previously banned cryptocurrency
In March 2018, the search engine made headlines when it announced that cryptocurrency ads would no longer be allowed on its search engine, following Facebook’s announcement earlier that year. However, in September 2018, Google softened its stance on cryptocurrency exchanges, allowing them to become an approved advertiser on the site for the US and Japanese markets. Critics have long accused Google of failing to properly manage crypto-related ad fraud.
In April 2020, YouTube, a Google company, was sued for allowing the marketing of cryptocurrency scams. Meanwhile, Google has been punished for banning cryptocurrency ads while allowing fraudulent projects to promote their platform without restrictions.
The new policy is expected to help reduce crypto projects and scams using the tech giant’s platform.
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