Google will allow ads related to cryptocurrency exchanges and wallets if these entities have registered with FinCEN. The change will take effect in August 2021.
Google has lifted its ban on cryptocurrency ads, stating that it would allow them for exchanges and wallets registered with the Financial Crimes Enforcement Network (FinCEN). Google provided an update to its financial products and services policy in June, stating that the change would take place as of August 3, 2021.
Google lifts ban on cryptocurrencies
The update establishes that cryptocurrency exchanges and wallets aimed at users in the United States will be able to advertise their products if they meet certain conditions.. These conditions include registration with FinCEN or with a federal or state bank, compliance with state or federal legal requirements, and compliance with Google Ads policies.
What’s more, all certifications from crypto exchanges will be revoked on August 3Therefore, advertisers must request new certifications through an application form that will be available on July 8.
However, Google wants to avoid any potentially misleading advertising opportunities. The platform will not allow announcements of initial coin offerings (ICOs), decentralized finance trading protocols (DeFi), and other announcements of buying or trading cryptocurrencies. This also includes:
the initial offerings of decentralized excahnges (DEX)
the token liquidity pools
the endorsements of famous cryptocurrencies
unmanaged wallets and unregulated decentralized applications (dApps).
Google will also not allow “ad destinations that add or compare issuers of cryptocurrencies or related products.” This list parentheses cryptocurrency trading signals, cryptocurrency investment tips, aggregators, and affiliate sites that contain related content or broker reviews.
Google previously banned cryptocurrency-related ads, to the frustration of members of the crypto community, following the massive surge in interest in the space after the 2017 boom. Google hasn’t been the only company to take action against crypto products, as Facebook also banned related ads on its platform. The latter has also lifted the ban on cryptocurrency ads.
The general public is becoming interested in cryptocurrencies
Investors and connoisseurs of cryptocurrencies have long been aggrieved by what they consider a harsh restriction on the part of platforms such as Google and Facebook. These two have been predominant avenues used by projects for the sole purpose of scamming investors out of their money, so the initial ban is not entirely unfair.
Bitcoin mass people
The decision to relax the restrictions is a sign that Google is now one of many companies that are removing the restrictions of the past in the realm of cryptocurrencies.. This speaks to the current sentiment and outlook on cryptocurrencies by the general public, who are starting to see them as a legitimate asset class. Many governments, financial institutions, private companies, and tech platforms have generally adopted a more liberal stance on crypto.
The post Google will reverse the ban on ads from cryptocurrency wallets and exchanges was first seen on BeInCrypto.