Google has announced an update to its financial products and services policy, which includes its policy on cryptocurrency advertising. The new rules will take effect in August and all prior crypto exchange certifications will be revoked. Advertisers must request new cryptocurrency exchanges and wallets certification with Google.
Google Introduces New Crypto Ad Rules
Google Inc. posted a notice Wednesday regarding its new crypto ad policy. “This policy will apply globally to all accounts that advertise these financial products,” the Internet giant wrote.
The notice explains that Google will update its existing financial products and services policy in August “to clarify the scope and requirements to allow the advertisement of cryptocurrency related business and services.” The tech giant wrote: “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 company proceeded to explain how advertisers can be certified. Firstly, they must be duly registered 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.”
Furthermore, Google 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.” The company elaborated:
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.
Meanwhile, Google clarified that some ads are not allowed. They include “Ads for initial coin offerings [ICO], Defi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products.” In addition, “Ad destinations that aggregate or compare issuers of cryptocurrencies or related products” are also prohibited.
“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.
Google’s current financial products and services policy states: “We consider financial products and services to be those related to the management or investment of money and cryptocurrencies, including personalized advice.” Crypto ads are currently allowed in the U.S. and Japan.
What do you think about Google’s new policy on cryptocurrency ads? Let us know in the comments section below.
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