Google Tightens its Policies on Cryptocurrency Advertisement

Google Tightens its Policies

TL;DR

  • Advertising giant Google will update its ad policy on cryptocurrency trusts based in the United States in late January 2024.
  • Potential crypto trust advertisers to be certified by Google. Certification includes licenses from relevant authorities.

What are the Latest Updates on Google Ads’ Crypto Policies?

Advertising giant Google will impose new rules on crypto-related advertisements in January next year.

Google will change its policy on advertising crypto trusts—a financial product that allows investors to trade in trusts holding large pools of digital currencies.

Google set to updates its cryto related pocies from January 2024
Google’s update on Crypto ads | Source: Google

Starting January 29, 2024, advertisers offering crypto trust services in the US will need to meet certain requirements.

If approved, the advertisers will then run their ads on Google.

According to the advertising giant, a policy change will help clarify the scope and requirements for advertising trusts.

The requirements differ from wallets and cryptocurrency exchanges and will be announced on January 29.

Google stated that it expects all advertisers to follow all local rules in regions targeted by their ads. More importantly, the new policy will apply to all accounts advertising these products worldwide.

As a reminder, we expect all advertisers to comply with the local laws for any area that their ads target. This policy will apply globally to all accounts that advertise these products.

Google added in a statement.

In addition, advertisers who violate the policy will not have their accounts banned immediately. However, they will receive a warning seven days before taking action.

This latest decision will help filter out many Ponzi crypto investment schemes that dupe unsuspecting people.

Google’s Partial Reversal on Crypto Ad Ban

The move partially reverses the Google crypto ban implemented in 2018 during the wild phase of the cryptocurrency industry.

Google to update its crypto ad policies starting January 2024.
Google Tightens its Policies | Source: Dash News

Crypto companies were raking in millions through token offerings. However, with many scams and failed projects, Google banned crypto-related ads.

With increased awareness and adoption of blockchain, Google gradually leaned toward Crypto, web3-related development, and blockchain.

On the contrary, strict restrictions still apply for initial coin offerings (ICOs) and decentralized finance (DeFi) projects.

Companies may need to apply for a whitelist to run crypto ads. This is if they’re registered with relevant financial bodies and can prove their regulatory compliance.

What This Means for the Cryptocurrency Industry

Google’s new ad policy allows certain crypto ads to run on the platform, with specific requirements to be certified by the platform.

The shift in policy raises questions about the future of crypto advertising in the digital sphere. 

Some speculate that it’s an indication that the U.S. SEC is on the verge of approving Bitcoin Spot ETFs.

Various companies, like BlackRock, had filed for an S-1 application for its Spot Ethereum ETF, awaiting the SEC’s approval.

The move will allow blockchain-based businesses to put their products and services in the spotlight.

While it will limit some advertising opportunities for crypto companies and influencers, it presents an opportunity for increased awareness and adoption of cryptos.

Many investors are eagerly waiting to see the potential impact of this policy on the industry.

Will these steps ensure safer cryptocurrency advertising?