Google set to change its crypto ad policy for exchanges and wallets
- Per the new policy, the advertising of ICOs and DeFi trading protocols is banned.
- All crypto exchanges will have to be recertified seeing as certifications will expire on August 3.
- Google also needs crypto firms to register with FinCEN before trying to put up ads on its engine.
Google is planning to revise its Financial Products and Services policy to increase the scope of its supervision on crypto exchange and crypto wallet advertisements. The technology giant unveiled this news through an official document on June 2, noting that the changes made will be effective starting August, this year. Reportedly, the amendments to the policy seek to clarify the requirements that crypto-related businesses need to meet before advertising their products via Google.
According to the publication, organisations seeking to advertise crypto exchange and wallet services to US citizens will have to meet Google’s new requirements, starting August 3, 2021. Breaking down what these requirements encompass, Google said advertisers will have to be registered with FinCEN to get a license to operate as Money Service Businesses. Additionally, they must be registered with at least one US state as a money transmitter. On top of this, the firms must be registered with a federal bank or state-chartered bank.
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Google went on to note that the advertisers must adhere to relevant legal requirements. Per the tech company, any applicable regulations must be adhered to, regardless of whether they are at local, state, or federal levels. The companies must also ensure that their ads and landing pages comply with Google Ad policies.
Starting with a clean slate
In the publication, Google said all crypto exchanges and wallets that were previously certified must seek new advertising certificates afresh. This is because all other certifications will expire on August 3. Google added that it will publish the certificate application form on July 8.
The tech giant further cited that the new policy would prohibit the advertising of initial coin offerings (ICOs), DeFi trading protocols, crypto loans, initial DEX offerings, celebrity crypto endorsements, and unregulated dApps. Also, the company seeks to ban the promotion of crypto purchases, sales, and trade. Moreover, Google will not permit the use of Ad destinations that aggregate or compare issuers of cryptocurrencies or related products.
The new policy will replace the current one, which has been governing crypto ads since September 2018. Before this, Google had banned crypto ads altogether after Facebook implemented a similar policy earlier that year.