Google announced that it will once again allow crypto-related advertising in the United States. Specific types of ads are still not allowed and include ICOs, binary options, and wallets/exchanges.
In the announcement, Google explained that it updated its policies to allow regulated crypto exchanges to advertise in the United States. These exchanges must be listed on major stock markets or registered with the financial authorities in their country of origin.
Advertisers will need to be certified with Google for the specific country in which their ads will serve.
Advertisers will be able to apply for certification once the policy launches. This policy will apply globally to all accounts that advertise these financial products.
Under this new policy, Google said it would allow regulated crypto exchanges and wallets to advertise on its platforms.
However, certain types of crypto-related advertisements remain prohibited, including binary options, ICOs, and products that facilitate crypto-related exchanges.
The announcement from Google follows a string of similar recent announcements from tech giants Facebook and Twitter, who also reversed their previous bans on crypto ads earlier this year.
Restrictions In Place
Google updated its financial services policy for ads to align with the Financial Action Task Force’s (FATF) standards, allowing crypto exchanges and wallets back on their domains.
The updated policy also restricts Initial Coin Offerings (ICOs) and decentralized exchanges (DEXs), which were found by the FATF to be potential mediums for money laundering.
Google also introduced a new cryptocurrency policy to address ads for mining and wallet storage.
The updated policy will come into effect, after which financial services providers must be registered with the Financial Crimes Enforcement Network (FinCen) or the Securities & Exchange Commission (SEC).
The United States has always been a nation of business. With the rise in popularity and profitability of crypto companies, many are wondering if this is too good to be true for US-based consumers.
In fact, they may have no choice but to trust these businesses as FinCen regulations now require all ads targeted at U.S.-based users must come from regulated entities.
That includes those who register with them as money service businesses or those that are federally chartered banks such as Citigroup Inc., JPMorgan Chase & Co., Wells Fargo & Company, Bank of America Corporation
The world isn’t black and white nowadays: it’s just red (bitcoin) and green (cash). The ever-progressive world we live in today revolves around technology so this doesn’t come as a surprise, really.
The ads targeted to the United States-based consumers must be of regulated crypto companies, meaning they must have been registered with FinCEN as a Money Services Business and at least one state as a money transmitter.
The cryptocurrency industry is subject to some restrictions and regulations that are in place for the safety of consumers.
As such, advertisers must be licensed providers or have their ads certified by Google before being able to post them on any website which has a connection with cryptocurrencies.
Cryptocurrency has been in the news lately, but it’s not all good. Google is limiting cryptocurrency advertising on its platform to licensed providers and those that comply with local laws and industry standards.
Google has aggressively cracked down on crypto-related advertising, banning all advertisements for ICOs and cryptocurrency-related products or services. Despite releasing guidelines to the policy, Google is still not allowing ads that promote purchasing cryptocurrencies; they only allow paid advertisement through their Adwords platform if it provides educational material about Bitcoin.
Google’s recent ban of any type of advertising relating to cryptocurrencies applies even when such promotion relates solely to transactions involving trade between two types of tokens (DeFi trading protocols) but does not involve an exchange with fiat currency like USD or EURO).
The company’s new stance might seem strange at first glance given its decision back in 2017 which allowed limited crypto adverts as long as each one had “educational content”.
Bitcoin enthusiasts are welcoming Google’s decision to lift its advertising ban, which will allow companies who advertise on the search engine giant to display their ads on platforms outside of just Google.
This is a positive sign for Bitcoin communities because it means there may be more investment opportunities in addition to the future development of new innovations and technologies within this field.
Tiktok, a mobile-based video sharing platform with more than one billion global users, recently updated its branded content policy banning all videos promoting cryptocurrency and forex trading.
This comes after other social media platforms like Facebook banned paid promotions of the same products.
Previously these companies have been trying to make efforts to protect their customers from investment scams that are often promoted through ads on these popular networks such as TikTok’s parent company by warning about high risk investments or even limiting where cryptocurrencies could be advertised at times in order for investors not fall prey to fraud schemes disguised as opportunities too good to pass up.