Mark Weaden
Google launched its new cryptocurrency ad policy, allowing for new advertisements with limits.
Cryptocurrency ads were banned some three years ago. But, the latest move from internet giant Google sees a new ad policy go into effect allowing for certain crypto ads promoting cryptocurrency exchanges and wallets.
The market price of Bitcoin has risen a lot in the past week, soaring from a figure hovering around $30,000 up to $40,000. This is thanks to various factors, one of which has been Google allowing advertisers to promote crypto if they meet certain requirements and are certified by Google.
Google Ads Scheme Launches
The new ad policy means that financial products and services in the crypto space will have access to Google’s advertising once again. The announcement came back in June but came into effect on August 3rd.
One of the requirements is that crypto exchanges and wallets must target an American audience, as well as meeting the requirements set by Google. The company is registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business. Alternatively, the company must be certified as a federal or state-chartered bank.
One of the issues that cryptocurrency-related ads had before, was that they didn’t comply with legal requirements and their ads and landing pages didn’t correlate with that of general advertising policies available through the Google ads platform. This is something that will now be required with the relaunch.
It’s true that the new policy allows for crypto ads, but it’s worth noting the limits. Google won’t offer ads for ICOs, DeFi trading protocols, and the promotion of ads for sale, trade and associated products. As well as this, ads under the new policy cannot compare sites, nor can they aggregate cryptocurrencies and products.
One thing we have started to see recently is the endorsement of celebrities for crypto, Spike Lee for example. Celebrity advertisements can be used to entice and trick coin holders, which is part of the reason for Google enforcing this requirement.
What warranted the 2018 crypto ad ban?
A general wave of anti-crypto occurrences across various sectors, perpetuated by the various media outlets, were definitely part of the issue, but the ads were cited as relating to “Cryptocurrencies and related content and aggregators and affiliates.” Cryptocurrency ads in the U.S. and Japan were later allowed but within certain limits.
