- Google has amended its rules on cryptocurrency advertising on the site
- All advertisers will have to prove they have the correct licensing
- All ICOs, review sites, signals, and DeFi exchange adverts will be banned outright
Google has amended its rules around cryptocurrency advertising in an attempt to clean up the plethora of scams that advertise on its site. Any crypto entity that does not have a license to operate will not be allowed to advertise on the site from August 3, while all ICOs, DeFi exchanges, celebrity endorsements, and even sites reviewing crypto platforms will also be banned. Google famously banned all cryptocurrency advertising in April 2018 before relaxing their ban five months later.
Google Gets Tough
Google’s rule changes were outlined in an update to their financial products and services policy which stated what cryptocurrency services will have to do to ensure that they are allowed a Google advertisement:
Be duly registered with
(a) FinCEN as a Money Services Business and with at least one state as a money transmitter; or
(b) a federal or state chartered bank entity.
Comply with relevant legal requirements, including any local legal requirements, whether at a state or federal level.
Ensure their ads and landing pages comply with all Google Ads policies
Google added that advertisers need to request new ‘Cryptocurrency Exchanges and Wallets’ certifications when the application process opens on July 8, with all existing certifications being revoked on August 3.
In addition, adverts for ICOs, DeFi trading protocols, or other products “promoting the purchase, sale, or trade of cryptocurrencies or related products” will be banned, as will “Cryptocurrency trading signals, cryptocurrency investment advice, aggregators or affiliate sites containing related content or broker reviews.”
Sweeping Changes Aimed at Eradicating Scams
The sweeping changes are clearly intended to reduce scams in the space, which they will undoubtedly do given the new criteria. However, plenty of legitimate cryptocurrency operations, including sites that offer fair reviews of products that can help potential customers make informed decisions, will also be caught up in the net.
Projects that don’t meet the advertising criteria will of course still appear in Google searches, but with so few crypto entities having licensing of any kind, partly down to the lack of clear regulation on the matter, there will naturally be a huge dropoff in crypto advertising on Google when the new rules hit.