Under Google's new rules, which came into force on 3 August, advertisers offering cryptocurrency exchange and wallet services will once again be able to advertise their products.
Yesterday was a new day, as Google's latest advertising policy came into force on 3 August, allowing you to advertise cryptocurrency-related products and services again. It took more than three years for the US multinational to change its mind about advertising crypto assets.
Google banned advertising related to cryptos and ICOs (Initial Coin Offerings) back in June 2018, but the updated policy allows regulated cryptocurrency entities to advertise their services again. However, ICOs have been left out of the new regulation.
The review of Google's crypto advertising policy was first outlined in June. Under the new rule, "cryptocurrency exchanges and wallet advertisers targeting US consumers may advertise their services and products if they meet certain requirements".
The move will clearly bring in extra revenue for Google's parent company Alphabet, although the tech giant may not feel the pinch, as it has $147 billion USD in advertising revenue.
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Google's strict requirements are designed to filter out suspicious ads and obvious crypto scams. Advertisers must be registered with the Financial Crimes Enforcement Network (FinCEN) as a "money services business and a money transmitter in at least one state, or a federally or state chartered banking entity".
However, it does not allow the advertising of ICOs, DeFi trading protocols or the buying, selling or trading of cryptocurrencies. Celebrity crypto ads are also banned, which may partly help to filter out scams using celebrities' names, the various crypto scams. As it is reported repeatedly in various articles, more and more famous people's names are being misused by scammers and thousands of people are being scammed, something the company is now trying to curb.
Google's updated policy also prohibits crypto ads from linking to websites that contain cryptocurrency investment advice, aggregators or broker reviews.
Last month, TikTok announced that crypto-based promotional content had been banned as part of a move to stop all financial services and products from being advertised on the platform.