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Google has removed its ban on crypto advertising

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Shivangi Mujumdar Follow

INDIA

Jun, 04 2021

Jun, 04 2021

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Google will allow ads associated with crypto exchanges and wallets. The report analyzes that the entities have registered with FinCEN, the last update is on 3-June-21. The change will come into consequence in August 2021. 

 

Google lifting crypto ban: 

 

The update positions cryptocurrency exchanges and wallets aiming at users in the United States. It would be acceptable to advertise their products if they meet positive conditions. These conditions consist of registration with FinCEN or a federal or state-chartered bank unit. The compliance has risen with the state or federal legal necessities and compliance with Google Ads policies. 

 

Google has lifted its ban on crypto promotion, declaring that it would agree to them for exchanges and wallets recorded with the Financial Crimes Enforcement Network (FinCEN). Google provided an update on its financial products and services policy in June, affirming that the change would come initially on Aug. 3, 2021. 

 

In addition, all cryptocurrency exchange certifications will be canceled on Aug. 3. It means that advertisers must request new certifications through an application form that will become accessible on July 8. 

 

What all google will not allow? 

 

Google also will not permit “ad destinations that aggregate or related issuers of cryptocurrencies or related products.” This lists the support of cryptocurrency trading signals, cryptocurrency investment advice, aggregators, and affiliate sites comprising related content or broker reviews. 

 

On the other hand, Google is keen to stop any opportunity for possibly disingenuous advertising. The platform will not allow ads for primary coin offerings (ICOs), decentralized finance (DeFi) trading protocols, and other ads for the acquiring or trading of cryptocurrencies. This also includes crypto loans, pre-sales, initial decentralized exchange (DEX) offerings, celebrity cryptocurrency endorsements, token liquidity pools, unhosted wallets, and unregulated decentralized applications (dApps). 

 

Google formerly banned ads associated with crypto, much to the frustration of those within the crypto community, after the massive surge of interest in the space after the 2017 boom. Google was not the only company to shut down on crypto products. But Facebook too banned associated ads on its platform. The latter has also lifted the ban on crypto ads. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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