Google has announced that it will allow cryptocurrency wallets and exchanges to advertise on its network. Starting August 6, 2021
Google will soon allow crypto-related product advertisers, namely cryptocurrency exchanges, crypto mining software, and digital wallets on its advertising platform after certain criteria are met. However, band-on ads for ICO’s, Defi protocols, token sales, celebrity coin endorsements, unhosted wallets, and unregulated Dapps remain standing. The new advertising policies for crypto products will roll out in August.
Googles’ Stand On Crypto Advertisers
In 2018, Google had fenced a blanket band on crypto advertisers targeting US audiences on its platforms. Later that year, cryptocurrency exchanges registered with Financial Crimes Enforcement Network (FinCEN) were allowed to obtain Google Certifications to advertise on its platform.
In a revised Advertisement Policy for Financial Products and Services surfaced in June, Google has extended its list to allow cryptocurrency exchanges, hardware or cloud mining software, and digital wallets registered with Financial Crimes Enforcement Network (FinCEN) or comply with local financial authorities for targeting non-US audiences, which is mandatory to obtain Google Certification to advertise on the platform. The new Advertising Policies will be rolled out on August 6, 2021.
It should be noted, cryptocurrency exchanges with Google Certification registered in 2018, will be revoked on August 3rd. Cryptocurrency exchanges and wallets will need to request new certifications with Google when the application form is live on July 8, 2021.
Which Cryptocurrency Services Or Product Providers Can’t Advertise On The Platform?
Although Google has opened its doors to allow wide exposure to cryptocurrency advertising, the new policy also maps out strict guidelines for not allowing ads for Initial Decentralized Exchange Offerings, Initial Coin Offerings, Decentralized Finance Trading Protocols, purchase, sale, or trade of cryptocurrency and related products, and crypto loans. The guidelines also restraint of celebrity-endorsed coins, cryptocurrency trading signals, aggregators, affiliate sites containing related content, and broker reviews.
Google and Facebook, the two largest advertising networks had a blanket ban approach towards crypto-related advertisers in 2018, with some reforms to policies from Google’s end at the end of the year. Both the advertising networks refrained to allow cryptocurrency advertisers due to the rise of crypto exit scams and exchanges vanishing away with millions worth of users fund overnight in 2017. Now, that Google has stepped forward to regulate crypto-advertisers on its network, Facebook should also consider allowing crypto services to advertise, considering all the cautionary and necessary measures on who and what to allow for the audiences to see.