Google to allow crypto advertisements but with specific requirements
2 min readTL;DR Breakdown
• Google requests certification for cryptocurrency ads.
• Google supports the crypto market after its boom in early 2021.
Google, the giant internet company, has created a new policy involving the cryptocurrency market. Among the marketing announcements, the company encourages clients to use some crypto exchanges and crypto-wallets. Many companies want to participate in this crypto project, but they have to abide by some rules.
Google accepts campaigns supporting cryptocurrencies
The largest company on the internet, Google, changed its policies regarding crypto and advertising. The company has created a new policy that allows for financial marketing focused on crypto. This is a significant advance since the company had initially been indifferent about the decentralized market.
Companies providing crypto wallets and exchange systems in the US will be supported by Google starting today. However, each advertiser must comply with certain rules and be certified by the company.
Companies that offer crypto services can be certified by registering at FinCEN if they are autonomous banks or legally provide financial services. The advertiser must also have the legal documents required from the company to ascertain its online operations. Lastly, each company must abide by the conditions in the ad as stated by Google.
Google’s perspective on cryptocurrencies had changed since 2018 when it banned marketing that related it to the topic. By that date, the company was banning crypto wallet ads, crypto tips, affiliation with crypto exchanges, etc.
After the cryptocurrency boom between 2020, the company had made no further statements about the decentralized market. The company seems to have relaxed the measures imposed on crypto by allowing advertising campaigns in Japan and the United States.
Social networks are sued for posting crypto ads
In June 2020, some JPB Liberty lawyers sued social media like Twitter and Facebook for posting crypto ads. At this time, crypto was being projected as a money-laundering and fraudulent financial scheme.
The crypto marketing policies have changed, and Google is a promoter of this new initiative. However, the company will not allow ICO marketing and advertising campaigns that motivate the purchase and token sales just yet. They have also banned comparative ads between cryptocurrencies.
Among the bans on crypto ads, the company marks the approving campaigns in which celebrities participate. The company clarifies these advertising campaigns are fraudulent because they offer crypto giveaways never completed, causing the participant to waste their time.
In July 2020, Steve Woznjak, Apple co-founder, sued Google for creating BTC ads using the brand. However, Apple did not win the legal case granting the online search-engine company respite.
