Google is updating its financial products and services policy, which will now rope in cryptocurrency exchanges and wallets, starting August 3, 2021. According to the new policy, crypto exchanges and wallets can ferry their services via Google advertisements. However, the companies who qualify under these fields and choose to serve ads on Google will go through a number of clauses, failing which their advertisements won’t be cleared. The policy will be applicable across the world for any company, but the ads will remain valid only for those serving customers in USA.
In terms of the clauses of restriction, Google says in its blog post that the crypto wallets and exchanges will need to either be registered with the US FinCEN as a money services business with transmitter registration in at least one American state, or be registered with a federal or state chartered bank. The crypto companies serving ads on Google will also be required to comply with both national and state-level laws governing cryptocurrency trading and investments, and in what is a statutory clause for all sectors, ensure the company landing pages from ad clicks are compliant with the overall Google Ads policy.
Google has further added that crypto advertisements that contain endorsements of “initial coin offerings, DeFi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products,” as well as ones that “aggregate or compare issuers of cryptocurrencies or related products” will also be not allowed. In simpler words, no overtly promotional or comparative crypto ads can be served via Google.
Any registered crypto vendor with Google will see their ‘Exchanges’ certification be revoked, and will be required to apply for a fresh ‘Exchanges and Wallets’ certification starting July 8. The move is a key regulatory act from tech platforms, which are seeking to establish checks and balances in the increasingly crowding world of cryptocurrencies. At the moment, it is not clear if a similar ad policy will also be put in place for cryptocurrency exchanges and wallets in other rising crypto nations, such as India.