Google lifts ban on US crypto exchange and wallet ads
09:23, 3 June 2021
Google, the world’s biggest digital advertising service, will allow regulated crypto exchanges and wallet providers to run their ads through its search engine starting August 2021.
The company announced yesterday that it would update its financial products and services policy, reversing a ban that has been in place since early 2018 to discourage crypto scams.
The US is one of the biggest battlegrounds for cryptocurrency exchanges and crypto service providers in general, which is why Google’s move to lift some of its restrictions on crypto advertising is a big deal for this market.
Coinbase, one of the biggest crypto exchanges in the US, could benefit most from this move and increase its lead over other crypto exchange operators that are not registered with the US regulatory authorities.
Ads for most crypto services remain banned
“From 3 August, advertisers offering Cryptocurrency Exchanges and Wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google,” the company said in an update.
To be certified by Google, advertisers will need to:
* Be duly registered with FinCEN as a Money Services Business or a federal or state-chartered bank entity;
* Comply with relevant legal requirements;
* Ensure that their ads and landing pages comply with all Google Ads policies.
Google’s new policy won’t lift the ban on ads for initial coin offerings, DeFi trading protocols or otherwise promoting the purchase, sale or trade of cryptocurrencies or related products. The tools and services that aggregate or compare issuers of cryptocurrencies or related products won’t be allowed to advertise through Google’s channels either.