Internet giant Google’s new advertising policy has come into effect. The company now allows certain cryptocurrency advertisements, such as those promoting cryptocurrency exchanges and wallets. Advertisers must meet certain requirements and be certified by Google.
Google now allows certain crypto ads
Google’s new advertising policy for financial products and services, announced in June, went into effect. A notice on the internet giant’s site details:
Starting August 3, advertisers offering cryptocurrency exchanges and wallets targeting the United States can advertise these products and services when they meet the following requirements and are certified by Google.
To be certified by Google, advertisers must either be registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business or be a federal or state bank. They must also comply with applicable legal requirements and their ads and landing pages must comply with Google’s advertising policies.
In 2018, Google banned advertisements relating to “cryptocurrencies and related content (including, but not limited to, initial coin offerings) [ICOs], cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading tips) ”as well as advertisements for crypto-related“ aggregators and affiliates ”. Google then authorized certain crypto ads in the United States and Japan.
In June of last year, a class action lawsuit was filed against Google, Facebook and Twitter for banning cryptocurrency ads by Sydney-based law firm JPB Liberty.
Although the new policy allows for some crypto announcements, Google still does not allow announcements for ICOs, challenge trading protocols, and those “promoting the purchase, sale or trade of cryptocurrencies or related products.” In addition, “advertising destinations that group or compare issuers of cryptocurrencies or related products” are prohibited.
One of the prohibited ad categories is “celebrity cryptocurrency recommendations”. Many scams have taken advantage of Google and Youtube to promote fraudulent bitcoin giveaways. Apple co-founder Steve Wozniak sued Google and Youtube in July of last year for promoting scams using his name and image. However, the court ruled in favor of Google.
What do you think about the fact that Google is changing its policy to allow cryptocurrency ads? Let us know in the comments section below.
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