Google Re-Authorizes Cryptocurrency Ads
Google is re-allowing cryptocurrency ads as it updates its ever-changing policies on financial products and services. The new changes went into effect yesterday, August 3.
Google previously banned ads related to cryptocurrency and initial coin offerings (ICOs) in June 2018, and the updated strategy allows regulated crypto elements to advertise their services again. ICOs, however, are still not allowed. Google’s cryptocurrency advertising strategy update was first illustrated in June and states that “advertisers offering cryptocurrency exchanges and wallets” focused on U.S. customers are allowed to do so. advertising their products and services, but only if they meet explicit preconditions.
Google’s prerequisites are intended to get rid of obscure and direct cryptocurrency promotion fraud and scams. Advertisers will need to be registered with the Financial Crimes Enforcement Network (FinCEN) as a ‘money services business and with at least one state as a money transmitter, or a federal or state chartered banking entity. “. These could be companies such as Anchorage or Paxos, both registered with FinCEN.
The company will not allow advertisements for ICOs, decentralized money exchange protocols, or for the purchase, sale or exchange of digital currencies. Celebrity mentions of cryptocurrency are also banned, which could help crack down on some of the fraudulent mentions that appeared before. Google’s updated policy also prohibits cryptocurrency ads from connecting to sites that host “cryptocurrency trading signals, cryptocurrency investment advice, aggregators, or affiliate sites that contain content. related or broker reviews “.
Google is pushing its policy forward as other popular platforms retreat. Last month, TikTok said crypto-based advertising content was banned as part of a transition to prevent financial products and services from being advertised on the platform.
The editors of the r / Bitcoin subreddit have learned that Bitcoin (BTC) may indeed be advertised via Google as a ‘bullish’ sign for digital currency, but some readers believe the company should be more proactive. One of them claimed that Google should also “ban fake crypto news. The amount of fake news creating FUD is amazing.
The decision to allow cryptocurrency announcements will give additional sales to Google’s parent organization, Alphabet, despite the fact that cryptocurrency announcements will likely only be a small fraction in a larger 147 landscape. billion dollars in advertising revenue for the organization.