Google Now Allows Crypto Ads. What Does It Mean for Advertisers?

Search engine giant Google has resumed running cryptocurrency-related advertisements after the company’s updated financial products, and services policy went into effect on August 3. Cryptocurrency exchanges and wallet service providers are the first to run adverts on Google again.

Understanding Google’s New Crypto Ads Policies

This month, the new rules come into force as Google becomes a platform for crypto-related ads but prohibits services related to initial coin offerings and crypto futures trading.

It appears that Google’s terms of service had previously prohibited all cryptocurrency-related advertisements. Still, the company lifted the ban in May as it attempted to clear the advertising space of misleading and fraudulent projects.

The recent ban aimed to promote “not regulated” products by financial authorities: binary options, cryptocurrencies, other virtual currencies, related products, and unregulated financial instruments.

On the updated page, Google said: “Our updated policy will apply to advertisements for digital financial products and services that are generally available to the public, including initial coin offerings and cryptocurrency futures trading, but excludes a variety of other financial products and services that are not widely available to consumers.”

Google has also removed all restrictions on ads for crypto exchanges and wallets: “Ads for regulated financial institutions, like banks and insurance companies, are only allowed if they are promoting products and services relevant to the regulated activity and comply with relevant law.”

Cryptocurrency Advertising to Rise Again on Google

The new ruling means that cryptocurrencies and ICOs will advertise on Google again. Still, Google said that their assessments of adverts would require proof of the advertised company’s registration in the relevant jurisdiction.

In addition, the ads will have to provide contact details, the identity of the person managing the account, and a physical address.

The updated policy will also apply to other crypto-related products, including crypto exchanges and wallets.

Many crypto-related companies have said that they had previously advertised on Google but were banned after the cryptocurrency boom.

First Cryptocurrency Ad on Google

As Google has lifted the ban on crypto advertising, the first ad on the Google platform was revealed by a company called “SALT Lending”, a crypto loan firm based in Denver, Colorado.

The ad itself was posted only hours after Google’s announcement and consisted of a simple statement stating: “Get the cash you need. Fast, easy, and safe.”

Google’s new policy is now officially in effect and should help remove the company’s criticism for banning cryptocurrency ads in the past.

What Are the Requirements to Run Google Ads for Crypto?

Google has provided a detailed overview of the requirements for running adverts for cryptocurrencies and ICOs on their platform. In short, the company requires advertisers to prove that they are registered and regulated by their local authorities.

If Google finds that the advertiser does not comply with the company’s policy, the platform will remove the ad and withhold related payments.

Google said: “We’ll continue to refine this policy as we make sure that we’re striking the right balance for our users based on the latest research from our specialists.”

Conclusion

Google said that its policy on regulating crypto advertising would evolve as it becomes clearer how to ensure that its users are offered ads that are not misleading.

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