Starting in August, the company will allow crypto firms to broadcast advertising on its network in the United States. This is a significant development for the cryptocurrency ecosystem since it provides businesses with a new avenue to reach out to new customers.
Google's financial products and services policy, which includes its stance on cryptocurrency advertising, has been updated. All previous crypto exchange certifications will be cancelled once the new rules take effect in August. Advertisers must submit a request to Google for new cryptocurrency exchanges and wallets accreditation.
In 2018, the firm blocked crypto companies from running adverts, but later altered its mind to include crypto exchanges. It will now allow cryptocurrency wallets to advertise on its network if they adhere to certain rules and restrictions.
Crypto Companies: What is allowed?
The company then went on to explain how advertisers may get accredited. To begin, they must be properly registered with the Financial Crimes Enforcement Network (FinCEN) "as a Money Services Business and with at least one state as a money transmitter," according to FinCEN. Advertisers could also be "a federal or state-chartered bank institution."
The organization also stated that crypto businesses will need to re-register with their network. "On August 3, 2021, all prior Cryptocurrency Exchange certificates will be cancelled. When the application form is available on July 8, 2021, advertisers must request new Cryptocurrency Exchanges and Wallets accreditation with Google," Google wrote in a blog post.
Crypto Ads that are banned
On Google Ads, advertisements for Initial Coin Offerings (ICOs) are still prohibited. Ads that are "otherwise promoting" the sale, purchase, or trade of cryptocurrencies or similar products, as well as Decentralised Finance (DeFi) trading systems, are also prohibited.
Companies are also prohibited from advertising cryptocurrency loans, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets, and unregulated decentralised apps (DApps).