Key Takeaways
- On June 3, 2021, Google will lifted its ban on bitcoin exchanges and wallets.
- The tech giant has adopted the new advertising strategy as promised.
- Google first banned crypto advertisements due to the meteoric increase in interest after the 2017 boom.
Google resumed cryptocurrency advertising on August 3 after the revision of its financial goods and services policy.
In June 2018, Google banned cryptocurrency and Initial Coin Offering (ICO)-related advertising, however the new policy allows authorized crypto businesses to advertise their services once again. ICOs, on the other hand, have been ignored.
Google first announced the change to its crypto advertising policy in June. It says that "advertisers offering cryptocurrency exchanges and wallets" may market their services and products to US consumers as long as they meet specific requirements.
While the decision may boost income for Alphabet, Google's parent company, cryptocurrency ads are likely to be a drop in the bucket compared to the company's $147 billion in advertising sales.
Google's strict rules are designed to weed out questionable advertising and apparent bitcoin scams. Advertisers must be registered with FinCEN as a money services business or with at least one state, federal, or state-owned bank as a money transmitting institution.
The company will not allow advertising for Initial Coin Offerings (ICOs), DeFi trade protocols, or the promotion of cryptocurrencies for purchase, sale, or trading. Additionally, celebrity crypto support is banned, which may add to the issue of phony celebrity backings.
Google's new policy bans cryptocurrency advertisers from linking to websites that offer "cryptocurrency trading signals, cryptocurrency investment advice, aggregators or affiliate sites containing related content or broker ratings."
Apart from the lifting of the Google ban, how else can the company assist the global cryptocurrency movement?
