Google Lifts 3-Year Ban On Crypto Ads
After a long enduring crypto ban and a strict advertising policy on financial products and services, Google is allowing marketers to run cryptocurrency ads on its platforms once more.
Google Lifts Ban Alongside New Measures
About three years ago, in June 2018, the multinational tech company placed a ban on crypto advertisements and other similar content. This included coin offerings, crypto exchange platforms, wallets, and any investment or crypto trading advice.
With the updated policy effective from August 3, Google has lifted its prohibitions, albeit with a few caveats. Certain restrictions remain, including one requiring that ads which are meant for consumers based in the United States must be placed by regulated crypto companies.
This means that organizations looking to place crypto ads through Google must be registered with the ‘FinCEN' (Financial Crimes Enforcement Network) as a financial services business. They must also be recognized as a money transmitter or be acknowledged as a federal or state-chartered bank entity.
The search engine giant is determined to ensure its platform is not used to represent any possibly disingenuous services. Ads for initial coin offerings (ICOs), decentralized finance (Defi) trading protocols, as well other ads for cryptocurrency trade or purchase, will not be allowed on Google.
The listed restrictions also extend to pre-sales, crypto loans, initial decentralized exchange (DEX) offerings, token liquidity pools, digital currencies endorsed by celebrities, unhosted wallets, and unregulated decentralized applications (dApps). The updated policy also restricts the linkage of crypto ads to websites that hold crypto-based content.
The update also states that Google will not be running ads that make comparisons between crypto issuers or related products. This list includes sites that give crypto investment advice, trading signals, aggregators, and affiliate sites which hold related information or broker reviews.
Google's Effect Or The Crypto Effect?
Google's formerly rocky relationship with cryptocurrency, especially after it banned ads following the crypto explosion of 2017, has been a notable source of frustration to organisations and crypto startups who especially see Google as the ideal way to reach new audiences.
It grew even more worrisome as other prominent entities and institutions seemed disinclined to have any part in the industry. A ripple effect ensued, with Facebook following closely to ban crypto-related ads on its platform as well.
Alongside Google, Facebook has since lifted the ban on crypto ads, while the crypto industry continues to gain traction like never before in 2021.
The mainstream view on cryptocurrencies is shifting significantly. Institutions and organizations are showing a lot more interest in crypto matters, with countries not only considering them as legitimate assets, but making them legal tenders as well.
Once known to regard the crypto industry as a threat to traditional finance systems, companies like MasterCard, Visa, and Paypal are increasingly finding new interoperable ways to bridge the gap between crypto and fiat industry.
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