Google has revoked its three-year ban on cryptocurrency-related ads on its sites under the search giants’ new ad services policy. This action will now allow cryptocurrency exchanges and wallets certified by Google to advertise their products and services on Google’s network, beginning August 3, 2021.
Google will update its ‘Financial products and services policy’ to clarify the scope and requirements to allow the advertisement of cryptocurrency related business and services in early August 2021.
Cryptocurrency Exchanges and Wallets can advertise their products and services targeting the United States when they meet the certain requirements and are certified by Google, it noted.
The advertisers will require to be duly registered with FinCEN as a Money Services Business and with at least one state as a money transmitter or a federal or state chartered bank entity.
They will also have to be compliant with relevant legal requirements for any area, whether at a state or federal level, that their ads target. They should also ensure their ads and landing pages comply with all Google Ads policies.
Meanwhile, Google added that all prior Cryptocurrency Exchange certifications will be revoked on August 3, 2021. Advertisers will have to request for new Cryptocurrency Exchanges and Wallets certification with Google when the application form is published on July 8, 2021.
However, Google noted that ads for initial coin offerings, decentralized finance (DeFi) trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products will not be allowed. Ad destinations that aggregate or compare issuers of cryptocurrencies or related products will also not be allowed.
Google banned crypto advertising on its sites in early 2018, but rolled back the ban later in the same year to allowing for only crypto exchanges to become certified advertisers on the platform for the U.S., leaving out wallets. Now, both cryptocurrency exchanges and wallets can run ads on Search, YouTube, and other areas of the Internet where Google’s ad network reach.
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