Google Lifts Ban on Cryptocurrency Advertising

The new Google ad policy for financial products and services (including cryptocurrency), first announced in June, has taken effect today. A notice in the behemoth search engine’s website detailed that:

“Beginning August 3, 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.”

To receive certification from Google, prospective advertisers must either have prior registration with the Financial Crimes Enforcement Network (FinCEN) as a financial services business or be a federal or state-chartered bank. These advertisers must also adhere to the relevant legal requirements, and their ads and landing pages must fulfill Google’s advertising policies.

In 2018, the giant search engine announced a ban on “cryptocurrencies and related content (including but not limited to initial coin offerings [ICOs], cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)” and ads for crypto-related “aggregators and affiliates.” However, Google later allowed a select few crypto ads in the US and Japan.

In June 2020, Sydney-based law firm JPB Liberty filed a class-action lawsuit against Google, Facebook, and Twitter for banning cryptocurrency ads.

Google Keeps Ban on Some Crypto Advertising Practices

While the new policy allows for crypto ads, Google kept its ban on ads for ICOs, DeFi trading protocols, and those “promoting the purchase, sale, or trade of cryptocurrencies or related products.” Also, the firm noted that “Ad destinations that aggregate or compare issuers of cryptocurrencies or related products” are prohibited.

One of the prohibited ad categories is “celebrity cryptocurrency endorsements.” Many scammers have used Google and YouTube to propagate fraudulent cryptocurrency giveaways and other fraudulent acts in the past.

 

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