In a move set to take effect on January 29th, 2024, Google has announced a significant update to its advertising policy concerning Cryptocurrency Coin Trusts.
The tech giant aims to increase clarity and compliance within the crypto advertising space, particularly for products related to Crypto Coin Trusts targeting customers in the United States.
Google Demands Transparency In Advertising Crypto Trusts
According to a recent statement, the update mandates that advertisers must meet specific requirements. Furthermore, they must be certified by Google to promote Cryptocurrency Coin Trusts.
Additionally, advertisers will need to ensure their products undergo a strict evaluation process to attain the positive checkmark icon, which indicates no detected issues.
Advertising crypto has come under scrutiny in recent times especially following the collapse of crypto exchange FTX. Many of the celebrities who endorsed the exchange are now entangled in a billion dollar class-action lawsuit.
The statement explains that this certification applies to financial products facilitating the trading of shares in trusts holding substantial amounts of crypto.
However, Google declares regardless of the region being targeted, all advertisers must adhere to local laws.
With just days remaining until the January 10, 2024, deadline, the US Securities and Exchange Commission must soon decide whether to approve or deny a spot Bitcoin exchange-traded fund (ETF).
The spot Bitcoin ETF fits the criteria of Google’s new policy update. Therefore, it implies that the spot Bitcoin ETF could also be subject to these regulations.
Google Will Take Action Against Firms Not Complying With Advertising Rules For Crypto Trusts
Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach
The aim is to ensure a standardized approach to advertising Cryptocurrency Coin Trusts.
Google claims this aligns with its commitment to promoting legal and transparent financial products globally.
However, crypto firms that break these rules will be subject to enforcement.
According to the statement, violations of the updated policy will not result in an immediate account suspension. Instead, advertisers will receive a warning at least seven days prior to any potential suspension.
Read more: Crypto Marketing Truth: Advertising Cannot Buy Results
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