From today bitcoin advertising returns to Google, but with restrictions

On August 3, an update to Google’s financial services policies came into effect, allowing the advertising of products and services related to bitcoin and other cryptocurrencies, as long as certain requirements are met.

According to a publication on Google’s support page, advertisers that offer exchange platform services and cryptocurrency wallets, oriented to the U.S. public, can be promoted on the platform.

From this fact, a significant increase in the promotion of products of cryptocurrency-related companies operating in the US market is expected. The media specifically mentions the case of FTX and Binance US, which are in fierce competition for a share of the US advertising market.

It is also said that many exchanges are willing to invest enough money. However, in order to be able to advertise on Google, interested parties must apply for certification from the company to be admitted as advertisers.

Applicants have to be duly registered with the Financial Crimes Enforcement Agency (FinCEN) as a regulated financial services company, supported by a money transmitting state, or a banking entity licensed by the federal government or a state authority in the US.

The idea is that advertisers will be regulated entities that comply with FinCEN’s rules, particularly those requiring exchanges to implement know-your-customer (KYC) policies. This body aims for the data to then be shared with the Treasury Office.

Businesses that want to advertise on Google will also have to “comply with the relevant legal requirements, according to the locality where they operate, whether at the state or federal level. In addition, they must ensure that their ads and landing pages comply with all Google Ads policies” (its advertising program).

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The note clarifies that certifications that have been delivered, prior to the date of update of these policies, are revoked. For such a reason, advertisers have to make a new request for certification from Cryptocurrency Exchanges and Wallets by completing an application form published last July.

With this update, the internet giant reverses a decision it made in June 2018, when it removed all advertising related to bitcoin and other cryptocurrencies on its search engine.

As reported by CryptoNews, the measure

aimed to

limit the promotion

of

initiatives that do not comply with the legal ordinances of their countries of origin.

From today bitcoin advertising returns to Google, but with restrictions Advertising of products and services related to cryptocurrencies had been banned on Google for three years. Source: Pexels.

Based on that goal, three years ago all ads linked to almost any edge of the cryptocurrency market were banned, as the measure vetoed advertising for digital wallets, exchange houses and investment advisors. Although the main prohibition was focused on avoiding the promotion of initial coin offerings

(ICO) -very much in vogue that year-, considering that they could cause harm to the consumer through possible fraudulent messages.

Under this same premise, the update of this 2021 maintains the ban on advertising ICOs, but adds platforms for decentralized finance (DeFi) and decentralized exchanges

(DEX) to the restricted products.

“Advertisements for initial coin offerings, DeFi trading protocols or that promote the buying, selling or trading of cryptocurrencies or related products are not permitted,” the release says. With this, it further prohibits advertising for “cryptocurrency loans, initial DEX offerings, token liquidity pools, celebrity cryptocurrency endorsements, unhosted (non-custodial) wallets, and unregulated DApps (decentralized apps).”

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Ad destinations to sites that aggregate or compare cryptocurrency issuers or related products are also not allowed. Adding to the banned messages are investment tips, and aggregators or affiliate sites with broker content or reviews.

These Google restrictions resemble those that have been imposed on some social networks, as Facebook did in 2018

. In June of that year, the platform reversed the decision it had made months earlier to remove cryptocurrency-related advertisements, keeping the ban in place only with respect to ICOs.

More recently, social network TikTok also <a href=”https://www.criptonoticias.com/co

munity/tiktok-prohibits-influencers-from-promoting-bitcoin-cryptocurrencies/” target=”_blank” rel=”noopener”>prohibited its users from including advertisements and commercial promotions of cryptocurrencies in their posts.