Google’s new policy went into effect yesterday, allowing cryptocurrency exchanges and wallet providers to run adverts on its search engine.
Google Now Allows Crypto Companies To Run Ads
Search engine giant Google is running cryptocurrency-related ads again after the company’s updated financial products and services policy came into full effect yesterday, August 3. This latest development will see cryptocurrency exchanges and wallet service providers run adverts on Google again.
Google first laid out its crypto ad revision plans in June, stating that advertisers offering crypto exchanges and wallets targeting United States customers can advertise their products and services once they meet certain requirements.
This latest development is expected to boost Google’s advertising revenue. However, it might not have too much impact considering Alphabet, Google’s parent company, generates over $145 billion in advertising revenue annually.
The strict requirements put in place by Google are to eliminate shady advertising and blatant crypto scams. For cryptocurrency companies to qualify to run ads on Google, they must register with the Financial Crimes Enforcement Network (FinCEN), indicating that they are a money service business. The companies must also have at least one state as a money transmitter, or they should be a federal or state-chartered bank entity.
ICO, DeFi And Promotion Of Trading Not Allowed
The search engine giant said initial coin offerings (ICO) and similar ventures are still not allowed to advertise on Google. Furthermore, Google said it would not allow decentralized finance (DeFi) protocols to advertise their services.
DeFi protocols have become popular within the cryptocurrency space, but the sector remains largely unregulated, with numerous scams. Hence, it is understandable that Google doesn’t want to allow them to advertise their products yet. Also, Google said it wouldn’t allow the promotion of cryptocurrency trading activities, with celebrity endorsements also banned on the search engine platform.
Bitcoin and the other cryptocurrencies are still in consolidation mode after last week’s performance. BTC is currently down by 2.5% in the past 24 hours and is trading just below the $38k mark.
This article was originally posted on FX Empire