The international software corporation banned crypto ads and other similar content over three years ago, in June 2018. This includes token sales, cryptocurrency exchange platforms, wallets, and any investment or cryptocurrency trading advice.
Google has withdrawn its limitations, but with a few conditions, with the amended policy taking effect on August 3. Certain limits remain, including the need that ads aimed at consumers in the United States be posted by regulated cryptocurrency companies.
This means that firms wishing to post cryptocurrency adverts on Google must be registered as a financial services business with the ‘FinCEN’ (Financial Crimes Enforcement Network). They must also be licenced as a money transmitter or a federal or state-chartered bank entity.
The search engine behemoth is adamant that its platform not be exploited to represent any potentially deceptive services. Google will not allow advertisements for initial coin offers (ICOs), decentralised finance (Defi) trading protocols, or any advertisements for cryptocurrency trade or purchase.
Pre-sales, crypto loans, initial decentralised exchange (DEX) offerings, token liquidity pools, digital currencies promoted by celebrities, unhosted wallets, and uncontrolled decentralised applications are also prohibited (dApps). The revised policy also prohibits crypto ads from being linked to websites that contain crypto-based content.
According to the modification, Google will no longer show advertisements that make comparisons between cryptocurrency issuers or related products. This list contains websites that provide cryptocurrency investment advice, trading signals, aggregators, and affiliate websites that contain related information or broker reviews.
Google’s formerly tumultuous relationship with cryptocurrencies, particularly after it blocked ads during the 2017 crypto surge, has been a significant cause of irritation for organisations and crypto entrepreneurs who see Google as the ideal method to reach new audiences.
It became even more concerning as more significant businesses and institutions appeared unwilling to participate in the industry. A chain reaction ensued, with Facebook quickly following suit, banning crypto-related ads on its platform as well.
Along with Google, Facebook has since lifted the prohibition on crypto advertisements, and the crypto business is gaining traction like never before in 2021.