Google released a new policy that went into effect this August. After that, the company allowed advertisers to offer cryptocurrency exchange and wallet services.
Google is rerunning crypto ads after its updated financial products and services policy was fully effected this August.
In June 2018, Google decided to ban Initial Coin Offering and crypto-related advertisements. Now, the updated policy allows advertisers to market their services once again.
Google first drafted its policy revision in June.
Advertisers offering cryptocurrency exchanges targeting U.S. consumers can advertise their products and services. They can use this option if they meet specific requirements.
This move will provide additional sales for Alphabet (Google’s parent company). Crypto ads seem to be just a drop in the ocean for the company with $147 billion in advertising revenue.
The purpose of the update
Google designed its strict requirements to isolate deceptive advertising and crypto scams. Advertisers have to register their companies as money services businesses with the Financial Crimes Enforcement Network.
It should show at least one state as a money transmitter, state-chartered bank entity, or federal.
The company will not allow DeFi protocols, all ads for ICOs, and the promotion of buying, selling or exchanging cryptocurrencies. Google also banned Celebrity crypto support, which might help with issues produced from fake celebrity endorsements.
Google’s updated policy also bans crypto ads from connecting to websites that host cryptocurrency exchanging signals, crypto-related investment advice, aggregators or affiliate sites, including related content or broker reviews.
Last month TikTok published that it was banning crypto-related promotional content advertising all financial services and products on the platform.
Redditors saw this news as the possibility for Google to promote Bitcoin.
Although some users stated that Google should also ban fake crypto news as the amount of fake news is considerable.