Google updates its financial product and services policy; resumes running Bitcoin ads

Google has started running Bitcoin advertisements again after implementing its new policy on financial products and services on August 3. A report unveiled this news earlier today, noting that this development allows crypto companies to advertise their products and services to US citizens through the search engine and the websites it supports. However, the companies must meet provided requirements before proceeding to tap into the benefits of advertising via Google.

According to the report, these changes have seen Coinbase rise to the top of search results when US citizens make queries on Bitcoin (BTC/USD). While this policy might not have such a big impact on the ad revenue of Alphabet, Google’s parent company, which exceeds $147 billion annually, it might potentially foster the mass adoption of cryptocurrencies.

While Google allows companies to promote crypto exchanges and wallets, it does not support advertisements for ICOs and DeFi trading protocols. Additionally, Google forbids the promotion of buying, selling, or trading cryptocurrency. On top of this, Google has prohibited celebrity endorsements of crypto, with hopes of curbing the issues that emerge from false celebrity mentions.

Google’s updated policy also bans crypto advertisers from linking their ads to websites that host crypto trading, crypto investment advice, aggregators, or affiliate sites that contain related content or broker reviews.

Requirements for crypto advertisers

Google’s updated financial products and services policy requires any company looking to advertise a wallet or exchange through the Google search engine to be duly registered with FinCEN as a money services business. Additionally, the tech giant needs the firms to register with at least one state as a money transmitter. If this option is not feasible, Google also accepts companies that are registered with a federal or state-chartered bank.

On top of this, the companies must comply with all legal requirements. These include any local legal requirements at state and legal levels. Finally, firms planning to promote their crypto products or services through Google must ensure their ads and landing pages adhere to all Google Ads policies.

The new policy replaces the set of rules which Google set in place in September 2018. Before September 2018, Google had banned crypto ads altogether, following in the footsteps of social media giant Facebook. While both Facebook and Google have since walked back on their decision to ban crypto ads, TikTok started clamping down on the sector in the past month by announcing that all crypto content is banned on the platform.