MOUNTAINVIEW, Calif.—Google is loosening its ban on crypto ads, announcing it now accepts advertisements from pre-approved companies offering cryptocurrency products in certain circumstances.
The company clamped down on blockchain and Bitcoin-related ads three years ago amid a wave of scams and shady schemes in the industry, Finance Feeds noted.
The world’s largest digital advertising seller has updated its policy on financial products and services to set up a vetting process that allows the promotion of some crypto products, according to the report. Advertisers wanting to run ads for cryptocurrency products and services can apply to help Google assess their eligibility. This may include any licenses they have obtained, and other relevant public background information on their business, Finance Feeds stated.
For those operating in the U.S., they must be either registered with the Financial Crimes Enforcement Network, or a federal or state chartered bank entity.
Finance Feeds noted Google’s policy page states, “The cryptocurrency products and services may only be advertised if the advertiser is a licensed provider, the products and ads comply with local laws and industry standards, and the account is certified by Google.”
Certification Process
Google said it will let approved applicants run crypto ads on its search engine and third-party sites, including YouTube, Gmail, or Blogger – as long as they go through the company’s certification process.
However, Finance Feeds noted the internet giant said that severe restrictions still exist for initial coin offerings, decentralized finance, services that aggregate or compare cryptocurrencies, and promotions of specific digital assets. The blacklist also includes websites that host cryptocurrency trading signals, cryptocurrency investment advice, aggregators or affiliate sites containing related content or broker reviews.