Some two months ago, Google reviewed its ad policy aiming towards cryptocurrency ads and duly revised it by inserting amendments within. The internet giant wanted to eliminate the usage of its platform for promoting digital wallets and their operators as well as crypto trading platforms. Now the amended policy has been put in place which requires advertisers to fulfill certain terms and conditions prior to ad posting as well as makes it mandatory for advertisers to seek certification beforehand.
Google was bombarded with unwanted ads particularly those which were promoting cryptocurrencies. Promoting frauds and scams by advertising fake schemes is a very common practice adopted by crypto fraudsters. However, allowing crypto ads, without check and balance, is therefore against Google’s interest and may implicate legal consequences. In order to monitor and control these ads, two months ago, Google reviewed its advertisement policy. A team of legal experts from Google sat down together and duly examined each clause of Google’s advertisement policy. It was thereafter amended to incorporate certain changes in the interest of Google. After the amendment, Google informed in June that very soon the amended policy will be implemented in full force.
Now a notice has been placed on Google’s webpage suggesting that an amended policy has been put in place since 3rd August 2021. The notice engages with the advertisers and explains to them about the change in crypto advert policies. The notice suggests that if crypto advertisers want to reach out to American customers then they have to fulfill certain pre-requisites. The notice also deliberates upon the need to obtaining compulsory certifications by crypto advertisers who wish to place ads on Google.
It was pointed out that no advertisement for digital wallets and exchanges will be hosted if it fails to meet standard requirements. Before putting up an advertisement, advertisers would be required to obtain registration from Financial Crimes Enforcement Network (FinCEN). Specific purpose registrations will be sought from the authority by the advertisers. For instance, if the advert is related to a crypto exchange, then the exchange must get itself registered with FinCEN as a “money service business”. Alternatively, the exchange would need to become either state or federally chartered bank.
Similarly, certification is made compulsory without which no ad post will be facilitated, clarified Google through the notice.
There was a time when Google had completely denied facilitating advertisers who wanted to post their crypto adverts. It was in 2018 when Google announced the imposition of a ban upon adverts promoting crypto, crypto exchanges, wallets, and other related content. However, thereafter, Google eased up its policy by lifting the ban but redefined its crypto advert terms and conditions. It then decided to facilitate selective crypto-related ads for Google’s official web pages for Japan and the US only.
In 2021, there was a lawsuit filed against Google by crypto advertisers. The change of advert policy is followed after the filing of the suit.