Google's new crypto advertising policy goes into effect

Google's new advertising policy for financial products and services, announced in June, has come into effect. The internet giant published a detailed announcement on its website.

Starting August 3, advertisers offering cryptocurrency exchanges and wallets targeting the United States can run ads for these products and services if they meet the following requirements and are certified by Google.

To be certified by Google, advertisers must be registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business or a federally 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 ads related to “cryptocurrencies and related content (including but not limited to ICOs, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)” as well as ads for “aggregators and affiliates” related to cryptocurrencies. Google subsequently allowed screened cryptocurrency ads in the United States and Japan.

Last June, Sydney law firm JPB Liberty filed a class action lawsuit against Google, Facebook and Twitter for banning cryptocurrency ads.

Although the new policy allows some cryptocurrency ads, Google still does not allow ICOs, DeFi trading protocols, and ads that are "designed to promote the purchase, sale, or exchange of cryptocurrencies or related products." In addition, "ads for the purpose of aggregating or comparing publishers of cryptocurrency-related products" are also prohibited.

One of the other prohibited ad categories is “Celebrity Cryptocurrency Endorsements.” Many scams have used Google and Youtube to promote fraudulent Bitcoin giveaways. Apple co-founder Steve Wozniak sued Google and Youtube last July for using his name and likeness to promote a Bitcoin giveaway scam. However, the court ruled in favor of Google.