The Financial Crimes Enforcement Network (FCEN) has approved the promotion of cryptocurrency exchanges and wallets on Google Ads (FinCEN). ICOs, IDOs and loans, among other things, are still prohibited.
Crypto and Initial Coin Offering (ICO) -related marketing was banned by the global corporation in June 2018, and the company’s revised policy allows regulated crypto companies to offer their services again. Cryptographic images of first issues of coins have been left in the dark.
The ban on cryptocurrency ads has been lifted by Google
The ban on crypto-related ads on the Google platform has been lifted. On August 3, the company’s new financial products and services policy, first published in June, went into effect.
If crypto exchanges and wallet providers meet certain criteria, they can now advertise their products and services on Google.
Large internet companies have had to be cautious about the crypto space as they inadvertently have a significant impact on the marketplace, exposing ideas and initiatives – as well as scams. Big tech has been pushed to ban crypto content to limit their liability and ensure scams don’t gain traction.
This content often deals with topics that directly support the profit idea. Platforms and companies, whether physical or online, could begin to rethink their crypto strategy as regulators pull in the market.
There is evidence that US authorities are working on a regulatory framework that could affect cryptocurrency exposure in the future. Regulators don’t seem draconian about the crypto market, but they seem interested in getting it under control.
Decentralized finance (DeFi) and stablecoins appear to be two main areas they are targeting as both niches have grown rapidly and have the potential to disrupt traditional finance.
After the market boom of the past few years, in which the interest of the retail trade has increased, Google together with Facebook made headlines in recent years for cracking down on crypto content. According to the companies, this was done to protect inexperienced investors from the scams and fraud of recent years.
First announcement from Google
By complying with the August 3 deadline specified in the first statement, the company has kept its promise. Google initially stated that it would accept such ads provided the companies in question were registered with FinCEN. These companies must also comply with federal and state laws and Google Ads standards.
However, there are some restrictions on the type of crypto-related information that can be advertised. Google would limit advertising for ICOs, IDOs, loans, token liquidity pools, celebrity cryptocurrency notes, non-hosted wallets, and unmanaged decentralized software (dApps).
Perhaps now that crypto has earned a reputation for being more respectable, Google and others will reconsider how restrictive they want to be on it. State regulation will undoubtedly play a role in this.