From August 3, 2021, Google will allow cryptocurrency services to advertise on its platforms while restricting DeFi services.
This follows an update to the company’s financial Products and Service policy which occurred on June, 2021.
As a result, wallets and exchanges will be able to place ads with Google, so long as they meet the following requirements:
- Are registered with FinCen (Financial Crimes Enforcement Network) as a Money Services Business
- Registered with atleast one state as a money transmitter, or by a federal or state chartered bank entity
- Comply with relevant legal requirements both state and federal level
- Ensure their apps and landing pages comply with all Google Ads Policies
While this new directive now allows crypto exchanges and wallets to advertise, the following ads are not eligible for advertising on Google services:
- Initial Coin Offerings (ICOs)
- Decentralized Finance (DeFi) trading protocols
- Promotions of specific cryptocurrencies are not permitted under the new policy
According to the updated guidelines, the following DeFi products are also not eligible for advertising:
- Inital DEX Offerings (IDOs)
- Token liquidity pools (LPs)
- Unhosted wallets
- Unregulated DApps
Google has also banned ‘destinations that aggregate or compare issues of cryptocurrencies or related products’ such as:
- Crypto trading signals
- Crypto investment advice
- Crypto broker reviews
In March 2018, Google banned all crypto-related advertising across all its platforms, but 5 months later, adjusted to let regulated entities like Coinbase to advertise.
Public interest in cryptocurrencies and crypto exchanges has ballooned in recent months following Coinbase’s direct listing in April 2021 and the record-breaking bitcoin rally when the leading crypto reached it’s all-time-high price of over $64,000.
The industry has also seen a surge in traditional institutional players such as JPMorgan and Morgan Stanley, offer crypto investment services in recent months.
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