- Google has a change of heart as it lifts the 2018 ban on crypto Ads.
- The tech giant will require advertisers to register with the Financial Crimes Enforcement Network (FinCEN).
Multinational technology company Google has lifted the ban that restricts Crypto Exchanges and wallets from using its advertising services. The tech giant announced the end to the ban in its Update to Financial products and services policy (June 2021).
Google said it would clarify the requirements for crypto-related service providers to advertise on its platform in August. The tech behemoth explained further:
From 3 August, advertisers offering Cryptocurrency Exchanges and Wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google.
Google noted it will revoke all former certification of Crypto Exchanges on the 3rd of August. The tech company noted that application forms for new Crypto Exchanges and Wallets certification would be available for advertisers on the 8th of July.
Google highlights requirements for advertisers
According to Google, the advertiser must be duly registered with the Financial Crimes Enforcement Network (FinCEN). The tech company said the crypto exchanges and wallets would need to register with FinCEN as “a Money Services Business and with at least one state as a money transmitter” or “a federal or state-chartered bank entity.”
In addition, crypto service providers will need to be compliant with all legal requirements to qualify as advertisers on Google. These Crypto Exchanges and Wallets must obey all that is required of them legally, whether at the state or federal level.
Furthermore, Google demands that crypto advertisers adhere to its Ads policies with their advertisements and landing pages.
The platform will not support Ads for initial coin offerings (ICOs) and DeFi trading protocols. Also, Google will not promote the sale, purchase, or trade of such coins or related products. In addition, the updated Google advertising policies do not allow “Ad destination that aggregate or compare issuers of cryptocurrencies or related products.
Google 2018 crypto ban
Google had strict policies on crypto ads and generated comments from the community as experts referred to the policies as “unfair” and “troubling.” The technology company announced the restriction on crypto Ads in its June 2018 financial products policy. In the announcement, Google said it would discontinue support for ads on cryptocurrencies and related content. The company mentioned ICOs, crypto exchanges, crypto wallets, and crypto trading advice.
Later, Google said it would allow registered crypto exchanges in the US and Japan to advertise their products and services.
According to Google, the crypto ban is to protect its consumers from fraudulent offerings.
In the same year, social media companies Facebook and Twitter also updated their advertising policy to ban cryptocurrencies and ICOs. At the time, Facebook justified its actions, claiming that it is for protecting its customers. The social media network added that the desire is for people to discover new products through Facebook ads with no fear of scams or deception.