Internet giant Google’s new advertising policy has come into force. The company now allows certain cryptocurrency ads, such as those promoting cryptocurrency exchanges and wallets. Advertisers must meet certain requirements and be certified by Google.
Google Now Allows Certain Crypto Ads
of google new advertising policy For financial products and services announced in June, has become effective. A notice on the internet giant’s website details:
Beginning August 3, advertisers offering cryptocurrency exchanges and wallets targeted at the United States may advertise products and services if they meet the following requirements and are certified by Google.
To be certified by Google, advertisers must register as a money service business with the Financial Crimes Enforcement Network (FinCEN) or be a federal or state-chartered bank. They must also comply with relevant legal requirements and their ads and landing pages must comply with Google’s advertising policies.
In 2018, Google “banned advertisements related to cryptocurrencies and related content (including but not limited to initial coin offerings)”. [ICOs], cryptocurrency exchanges, cryptocurrency wallets and cryptocurrency trading advice)” as well as ads for crypto-related “aggregators and affiliates.” Google later allowed select crypto ads in the US and Japan.
In June last year, a class-action lawsuit was filed by Sydney-based law firm JPB Liberty against Google, Facebook and Twitter for banning cryptocurrency ads.
While the new policy allows some crypto ads, Google still doesn’t allow ICOs, the DeFi trading protocol, and ads that “promote the purchase, sale or trade of cryptocurrencies or related products.” In addition, “advertising destinations that aggregate or compare issuers of cryptocurrencies or related products” are prohibited.
One of the prohibited ad categories is “Celebrity Crypto Ads”. Several scams have taken advantage of Google and Youtube to promote fraudulent bitcoin giveaways. Apple co-founder Steve Wozniak sued Google and Youtube in July last year for promoting bitcoin giveaway scams using his name and likeness. However, the court ruled in favor of Google.
What do you think about Google changing its policy to allow cryptocurrency ads? Let us know in the comments section below.
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