Google will allow ads related to crypto exchanges and wallets if said entities have registered with FinCEN. The change will come into effect in August 2021.
Google has lifted its ban on crypto advertisements, stating that it would allow them for exchanges and wallets registered with the Financial Crimes Enforcement Network (FinCEN). Google provided an update on its financial products and services policy in June, stating that the change would come starting Aug. 3, 2021.
Google lifting crypto ban
The update states that cryptocurrency exchanges and wallets targeting users in the United States would be allowed to advertise their products if they meet certain conditions. These conditions include registration with FinCEN or a federal or state-chartered bank entity, compliance with state or federal legal requirements, and compliance with Google Ads policies.
Furthermore, all cryptocurrency exchange certifications will be revoked on Aug. 3, meaning that advertisers must request new certifications via an application form that will become available on July 8.
However, Google is keen to prevent any opportunity for potentially disingenuous advertising. The platform will not allow ads for initial coin offerings (ICOs), decentralized finance (DeFi) trading protocols, and other ads for the purchasing or trading of cryptocurrencies. This also includes pre-sales, crypto loans, initial decentralized exchange (DEX) offerings, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets, and unregulated decentralized applications (dApps).
Google also will not allow “ad destinations that aggregate or compare issuers of cryptocurrencies or related products.” This list brackets cryptocurrency trading signals, cryptocurrency investment advice, aggregators, and affiliate sites containing related content or broker reviews.
Google previously banned ads related to crypto, much to the frustration of those within the crypto community, following the massive surge of interest in the space after the 2017 boom. Google was not the only company to clampdown on crypto products, as Facebook too banned related ads on its platform. The latter has also since lifted the ban on crypto ads.
Mainstream warming up
Cryptocurrency investors and insiders have long been aggrieved at what they think is a harsh restriction by platforms like Google and Facebook. These two have been predominant avenues utilized by scam projects to defraud investors of their money, so the initial ban is not altogether unjust.
The decision to ease restrictions is a sign that Google is now one of many companies removing past curbs in crypto. It speaks to the sentiment and outlook on crypto from the mainstream, who are beginning to see it as a legitimate asset class. Numerous governments, financial institutions, private companies, and tech platforms have overall been taking a more liberal stance on crypto.
With such developments taking place, the crypto market could see a steady uptick in the number of buyers and users in the near future. The rise of DeFi, and especially non-fungible tokens (NFTs), are already pulling in more mainstream adoption.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.