Google releases policy statement on crypto advertising

Tech giant Google recently published a policy statement saying by August 3, advertisers that offer cryptocurrency exchanges and wallets that target the United States can advertise such products and services subject to compliance with certain corporate requirements.

Google then explained how these advertisers can be accredited, starting with the first important step for all of them.

First, they must register with the Financial Crimes Enforcement Network (FinCEN) as Money Service Business having at least one state as a money transmitter or alternatively, be a federal or state-chartered bank entity.

They must also meet all relevant requirements in line with state, local and federal laws and must also ensure that their “ads and landing pages comply with all Google Ads policies.”

Not all ads allowed

With the development, Google clarified they will not accept some ads. This would include ICO pre-sales or public offerings, cryptocurrency loans, initial DEX offerings, token liquidity pools, celebrity cryptocurrency endorsements, un-hosted wallets, unregulated DAPPs, crypto trading signals and investment advice.

Also, aggregators or affiliate sites that contain related content or broker reviews won’t be allowed as well as ads for initial coin offerings (ICO), DeFi trading protocols and promoting purchase, sale or trade of cryptocurrencies or related products.

Google reminded all advertisers to “comply with the local laws for any area that their ads target,” saying the policy will apply globally to all accounts that advertise such financial products.

Crypto advertising previously banned

Back in March 2018, following Facebook’s similar action, the company made headlines when it announced it will no longer allow crypto advertising on its search engine.

But six months later, in September 2018, Google relaxed its stance on crypto exchanges and allowed them to become approved advertisers on the site for the U.S. and Japanese markets.

Among critics, the tech giant gained notoriety for failing to appropriately manage cryptocurrency-related ad fraud.

 

Image courtesy of Cointelegraph News/YouTube

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