Talk around town is that Google is revising its advertising policies allowing crypto wallets and exchanges to advertise on their networks starting from August.
Is there any truth to this?
So before we dive in any deeper on this topic let’s clear some basic terms out of the way.
What are Cryptocurrency Exchanges?
Cryptocurrency exchanges is a marketplace where users can buy or sell digital currency/digital assets in exchange for other assets such as the conventional fiat currency like the USD dollar.
Popular cryptocurrencies such as bitcoin operate on decentralized networks based on Blockchain technology.
Some of the largest cryptocurrency exchanges include Binance and Coinbase which currently dominate the world of cryptocurrency exchanges.
What is a Crypto Wallet?
A crypto wallet is an application that allows users who make trades on these popular cryptocurrency exchanges to store and retrieve digital assets. It helps the user keep his/her digital assets safely in one place.
Okay since that is clear, let’s take a look at what the search giant says about advertising cryptocurrency exchanges and wallets across their networks. And here’s what we discovered.
Google recently did announce that it will be updating its financial products and services policy (2021) to clarify the requirements for advertising cryptocurrency-related business and services” across the Google Ad network.
This new policy will apply to all of Google’s third-party sites including Gmail, YouTube, and Blogger, and is set to be effective from the 03rd of August.
Google has made it clear that current cryptocurrency advertisers on their network will not be exempted from the new policies and any prior Cryptocurrency Exchange certifications” held by advertisers will be revoked on August 3.
Advertisers must request new certifications to continue advertising with Google.
This new update to Google’s financial and services policy states that “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”
As stated by Google, to adhere to the new “Cryptocurrency Exchanges and Wallets certification” advertisers must
- Be duly registered with
(a) FinCEN as a Money Services Business and with at least one state as a money transmitter; or
(b) A federal or state-chartered bank entity.
- Comply with relevant legal requirements, including any local legal requirements, whether at a state or federal level.
- Ensure their ads and landing pages comply with all Google Ads policies
So will there be restrictions to cryptocurrency advertisers after complying with Google’s updated policy?
Well yes..the search giant also said that even after adhering to all of its updated cryptocurrency exchanges and wallets certification it will not allow ads about initial coin offerings (ICOs), decentralized finance (DeFi) trading protocols, and more.
It will also not allow ads that promote the purchase, sale, or trade of cryptocurrencies and any related products. Just a few more names in the blacklist of Google Ads.
A few other cited examples include
- “initial DEX offerings,
- Token liquidity pools,
- Celebrity cryptocurrency endorsements,
- Un-hosted wallets,
- Unregulated apps.”
- Cryptocurrency trading signals,
- Cryptocurrency investment advice,
Or affiliate sites containing related content or broker reviews” are some examples of the ads that are not allowed on Google’s platform.
Further, “Ad destinations that aggregate or compare issuers of cryptocurrencies or related products” will also not be allowed.
Now that’s a whole set of rules Google doesn’t allow stakeholders in the crypto community to promote on their platforms!
I wonder how long Google will stand by these regulations.
As the use of cryptocurrency and other digital assets is being embraced and adopted globally, the demand and need for advertisers in cryptocurrency exchanges and wallets will undoubtedly grow.
Will Google be subtle in a way to get past this? If we are to trust experience, Google has a reputation for getting more and more strict in a very subtle way.
So how has Google’s reaction been with cryptocurrency advertising in the past?
Google has been skeptical of its stance with cryptocurrency advertising, initially refusing to accept any kind of advertisements related to cryptocurrency. However, it can seem as if Google is revising its stance on this with the new cryptocurrency update policy.
Applications are said to be open for the new Google crypto currency certification on July 08, so if you are interested in viewing the guidelines for this you can view it here.
Google’s current financial products and services policy states: “We consider financial products and services to be those related to the management or investment of money and cryptocurrencies, including personalized advice.” Crypto ads are currently allowed in the U.S. and Japan.
“As a reminder, we expect all advertisers to comply with the local laws for any area that their ads target. This policy will apply globally to all accounts that advertise these financial products,” Google concluded.
So are you already advertising in the crypto market space? Or have you thought of getting into crypto market advertising?
If you answered yes, then be sure to keep in mind the above policies we discussed and comply with Google’s updated policies on cryptocurrency ads so you can be on the safe side for your campaigns.
What do you think about Google’s new policy on cryptocurrency ads? What will be the future for Cryptocurrency advertising on Google platforms?
Do let us know in the comments down below.