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 certification will be cancelled. Advertisers must request new cryptocurrency exchange and wallet certification with Google.
Google introduces new crypto advertising rules
Google Inc. posted a notice on Wednesday regarding its new crypto advertising policy. “This policy will apply globally to all accounts that advertise these financial products,” the internet giant wrote.
The notice states that Google will update its existing Financial Products and Services Policy in August to “clarify the scope and requirements of allowing advertising of cryptocurrency-related businesses and services.” The tech giant wrote: “Starting August 3, advertisers offering cryptocurrency exchanges and wallets targeting the United States may advertise products and services when they meet the following requirements and are certified by Google.”
The company explained how advertisers can be authenticated. First, they must be 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 advertiser may be “a federal or state chartered bank entity”.
In addition, Google noted that advertisers must meet all relevant legal requirements, including state, local, and federal laws, and must “ensure that their ads and landing pages comply with all Google Ads policies.” The company elaborated:
All prior cryptocurrency exchange certification will be canceled on August 3, 2021. Advertisers must request new cryptocurrency exchange and wallet certification with Google when the application form is published on July 8, 2021.
Meanwhile, Google clarified that some ads are not allowed. They include “advertisements for early coin offerings”. [ICO], DeFi trading protocol, or otherwise promote the buying, selling or trading of cryptocurrency or related products.” In addition, “advertising destinations that aggregate or compare issuers of cryptocurrency or related products” are also prohibited.
The search engine giant cited some examples of ads that are not allowed, including “ICO pre-sales or public offerings, cryptocurrency loans, initial DEX offerings, token liquidity pools, celebrity cryptocurrency support, unhosted wallets, unregulated dapps, cryptocurrency trading signals.” , cryptocurrency investment advice, aggregator or affiliate site containing related content or broker reviews.
Google’s current financial products and services policy states: “We consider financial products and services related to the management or investment of money and cryptocurrencies, including personal advice.” Crypto ads are currently allowed in the US 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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