Google has updated its advertising policy for financial products and services, allowing marketers to run cryptocurrency advertisements again, effective from Tuesday. But, the search-engine giant is putting heavy restrictions on the advertisements related to cryptocurrencies.
The ads targeted to the United States-based consumers must be of regulated crypto companies, meaning they must be registered with the ‘FinCEN as a Money Services Business and with at least one state as a money transmitter’ or should be a federal or state-chartered bank entity.
“The… cryptocurrency products and services may only be advertised if the advertiser is a licensed provider, the products and ads comply with local laws and industry standards, and the account is certified by Google,” the policy page states.
Restrictions Are in Place
Google banned advertisements related to initial coin offerings (ICOs) and other crypto products and services in June 2018. Though the recent policy update released its guidelines, the company is still not allowing ICO ads, along with ‘DeFi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products’.
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In addition, it will not allow ad destinations that aggregate or compare issuers of cryptocurrencies or related products.
The updates on Google’s financial ads policy were first revealed in June.
Google has the largest advertising network that displays ads on its search page, websites running Google Adsense and all other platforms of the company. Despite the heavy restrictions, the partial lift of the advertising ban is seen as a positive signal within the Bitcoin communities on various social media platforms.
Meanwhile, other social media platforms banned paid promotions of cryptocurrency and other risky financial products. Tiktok, a mobile-based video-sharing platform with more than a billion global users, updated its branded content policy last month, prohibiting its users from posting any promotional content on cryptocurrency and forex trading products.