Google has removed its previous prohibition on cryptocurrency ads. Google said in June that it planned to adopt a new financial goods and services policy beginning August 3, 2021.
In the recent update, the companies who deal with marketing their bitcoin exchange or wallet to consumers in the US will be permitted to promote provided they fulfill specific criteria.
In order to be approved for use on Google, businesses must agree to certain criteria, such as being registered with the Financial Crimes Enforcement Network (FinCEN) or with a state-chartered or federal chartered bank, as well as fulfilling state or federal legal requirements.
Accreditation Needed for Advertisers
Advertisers will need to apply to regain accreditation on August 3, meaning that all bitcoin exchange certificates will be withdrawn on that day.
It’s important to avoid any misleading advertising, however, and Google is actively working to prevent this. Site advertising rules state that no ICOs, DeFi trading protocols, and other cryptocurrencies-related advertisements may run on the platform.
Also known as initial decentralized exchange (DEX) offerings, token liquidity pools, celebrity cryptocurrency endorsements, unregulated decentralized applications, and unhosted wallets, this concept also incorporates pre-sales, initial cryptocurrency exchange offerings, crypto loans, the DEX, token liquidity pools, and celebrity endorsements of cryptocurrencies (dApps).
Ad destinations that collect or compare issuers of cryptocurrency or similar goods will not be approved by Google. This list consists of signals, advisories, aggregators, and affiliate sites with similar topics or broker reviews that are linked to this list.
Advertising Platforms Reverse Course on Crypto
Although crypto was initially prohibited from Google Ads, it gave crypto enthusiasts plenty to be frustrated about after the large influx of interest in the sector after the 2017 explosion.
In addition to Google, Facebook, and Instagram, Facebook too prohibited cryptocurrency-related advertising on its site. Since it reversed the prohibition on crypto advertisements, the latter has likewise done so.
There have long been grievances among cryptocurrency investors and insiders about restrictions imposed by platforms like Google and Facebook. The prohibition on these two coins was justified since scam enterprises have often used these two coins to rob investors of their money.
Easing the limitations is a clear indication that Google is now one of many businesses that have previously removed regulatory barriers to crypto. It captures the feelings and attitudes of the mainstream towards cryptocurrency, which has started to be seen as a genuine asset class.
Crypto adoption is becoming increasingly accepted all over the world by various governments, financial institutions, private businesses, and digital platforms.
According to these latest trends, the crypto market is on track to witness a continuous increase in new buyers and consumers. Non-fungible tokens (NFTs) are becoming increasingly popular along with the development of DeFi.