Google Removes Ban on Cryptocurrency Exchanges & Wallets Advertising
Google, a multinational technology corporation, has removed its prohibition on cryptocurrency exchanges and wallets utilizing its marketing services. In its Amendment to Financial Products and Services Policy, the internet company declared the end of the restriction (June 2021).
In August, Google said that it will establish the restrictions for crypto-related service providers advertising on its platform. The tech behemoth went on to say:
“As on August 3, marketers targeting the United States with Cryptocurrency Exchanges and Wallets may promote such goods and services if they fulfill the following conditions and are authorized by Google.”
On August 3rd, Google said that it will remove all previous certifications for Crypto Exchanges. Also on 8th of July, the tech firm said that application forms for new Cryptocurrency Exchange and Wallets accreditation will be available for marketers. The advertisement must be legally vetted with the Financial Crimes Enforcement Network, as per Google (FinCEN).
The crypto exchanges and wallets would have to enroll with FinCEN as a “Money Services Business” and at minimum one state as a “money transmitter” or “federal or state-chartered bank business,” according to the tech firm.
Furthermore, in order to be eligible for Google advertising, crypto service providers must meet all legal standards. Such Crypto Exchanges and Wallets must follow all legal requirements, whether they are state or federal. Moreover, Google requires cryptocurrency marketers to follow its Ads regulations when creating ads and inbound links. Initial coin offerings (ICOs) and DeFi trading protocols will not be supported by the platform.
Additionally, Google does not recommend the purchase, sale, or trade of such coins or related things. Furthermore, Google’s new advertising policy prohibit “Ad destinations that collect or compare issuers of cryptocurrencies or similar items.” Google’s tight crypto ad standards drew criticism from the community, with experts calling the regulations “unfair” and “troubling.” In June 2018, the technology company declared a ban on crypto advertisements in its financial products guidelines.
Google stated in the statement that it will no longer accept adverts on cryptocurrency and associated content. ICOs, crypto exchanges, crypto wallets, and crypto trading guidance were all referenced by the organization. Later, Google stated that authorized crypto exchanges in the United States and Japan will be able to promote their goods and services.
The crypto prohibition, as per Google, is in place to safeguard its customers from scams. That same year, Facebook and Twitter modified their advertising policies to exclude cryptocurrencies and initial coin offerings (ICOs). Facebook rationalized its subsequent actions by arguing that it was necessary to safeguard its users.