Google has started running cryptocurrency ads again after it updated its policy of products and services on the 3rd of August. The search engine had previously banned any and all crypto- and initial coin offering-related advertisements three years ago. Currently, the updated policy would allow a few crypto entities that are regulated enough to market their services again. Nevertheless, ICOs will still not be allowed to advertise their products.
Google Has Updated Their Services Policy
The latest policy revision of Google was previously outlined in June, which stipulated that every advertiser that would be offering cryptocurrency wallets and exchanges that strictly target the United States consumers would be allowed to showcase their products and services if they ended up meeting specific requirements.
This move will also provide several additional sales for alphabet- the parent company of the search engine. Nonetheless, crypto ads will not be more than just a drop in the ocean for the company’s advertising revenue of $147 billion.
The strict requirements of Google have been designed to weed out every sort of shady advertising as well as blatant crypto scams. Most of the advertisers that hope to put up their ads on the search engine must be registered with the Financial Crimes Enforcement Network as a business that provides monetary services. They also have to put in one state as a money transmitter or a bank entity which is state-chartered.
The firm also prevents ads that have been made for ICOs, decentralized finance trading protocols, or the promotion of selling, trading, or purchasing cryptocurrencies. Most of the celebrity-endorsed cryptocurrencies are also banned- since they may be a part of fake celebrity endorsements. The firm has also prevented ads for ICO.
Google’s updated policy will also bar crypto ads from putting in links to different websites that have hosted the trading signals of various cryptocurrencies.