Google has recently begun running cryptocurrency ads again right after its revised financial products and services policy became fully operative on August 3.
The multi-national titan had imposed an on cryptocurrency as well as advertisements related to initial coin offerings earlier in June 2018. The updated policy also allows regulated cryptocurrency entities to be able to market their provided services again. ICOs are not in the picture as of yet, however.
Google’s cryptocurrency ad policy update was initially outlined in June and requires advertisers providing crypto exchanges and wallets targeting US consumers to publicize their products and services if they comply with specific requirements.
The change will be providing further sales for Alphabet, Google’s parent company, even though cryptocurrency ads will just be a drop in the bucket of the company’s 147 billion USD in ad revenue.
Google’s rigorous requirements are meant to root out suspicious ads as well as obvious cryptocurrency scams. Advertisers are required to be registered with FinCEN, or the Financial Crimes Enforcement Network as a commercial services business and with a minimum of one state as a money transmitter, or a state-chartered or federal bank entity.
The company will not be permitting ads for ICOs, DeFi trading protocols, or the promotion of selling, purchasing, or trading virtual currencies. Celeb cryptocurrency endorsements are also not permitted and this may, in part, help with matters involving fake celeb endorsements.
Google’s revised policy also blocks cryptocurrency advertisements from connecting with websites hosting crypto trading signals, investment advice, affiliate sites, or aggregators consisting of broker reviews or related content.
Last month, TikTok revealed that it was banning cryptocurrency-based promotional content. That was all part of a procedure to cease all financial products and services from being promoted on the video platform. TikTok had been a breeding ground for Dogecoin promotion in 2020; that was when users kept sharing crypto-related videos to get more people to join the community.
Redditors, specifically members of the r/Bitcoin subreddit that found out about the news, believed that Bitcoin could once more be marketed through Google could be viewed as a “bullish” sign for the virtual currency. That was even though user u/Brief-Music-5825 maintained that Google must ban bogus cryptocurrency news as well, further stating that fake news creating FUD is inconceivable.