Google’s advertising ban on cryptocurrency has officially been lifted. As of August 3, Google has allowed companies in the crypto world to advertise on its search engine and sites that are a part of its platform.
Google had updated its advertising policy in June that takes effect in August. According to Google, “as of August 3, advertisers offering brokerages and cryptocurrency wallets aimed at the US can advertise these products and services”.
Policy changes for new regulation on Bitcoin ads
What comes with the revocation of the ad ban are specific requirements, which advertisers need to uphold. They’ll have to be certified by Google first by meeting these requirements:
- must be registered with either a state or federal chartered bank entity; or a Financial Crimes Enforcement Network (FinCEN) as a ‘money services business’ with at least one state as a money transmitter.
- shall comply with relevant legal requirements that include any local legal requirements, whether at a federal or state level.
- must ensure the ads and landing pages are in compliance with all Google Ads policies.
The updated policy will apply globally to Google Search and its third-party sites such as YouTube, Gmail, and Blogger.
What does it mean to cryptocurrency?
Bitcoin itself doesn’t have a marketing budget. Instead, it relies on the crypto companies or networks that give bitcoin services to do the marketing.
The revocation of Google’s ban on Bitcoin ads could lead to increased exposure for it and other cryptocurrencies, allowing companies to re-advertise.
Facebook, Twitter, and Google prohibit the advertisement of initial coin offerings. However, they allow wallet services or exchanges provided by a publicly traded crypto company. They can advertise with them as long as they comply with local laws.
The change is seen positively by the cryptocurrency market, which has faced regulatory challenges around the world. Going back on the Google ad network will ensure bitcoin reaches a huge number of potential users.
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