After three years for prohibition, Google has finally lifted a 2018 ban on cryptocurrency advertising for exchanges and digital wallets.
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According to a document, Google will update its list of Financial products and services policy in August to clarify the terms crypto exchanges need to follow in order to advertise on the platform.
Some requirement include being registered with FinCEN (Financial Crimes Enforcement Network), as well as complying with all relevant legal requirements and Google Ads policies.
Only cryptocurrency exchanges in the United States are allowed to promote their businesses through Google. However, some restrictions remain for crypto companies launching ICOs (Initial Coin Offering), DeFi trading protocols, and any cryptocurrency trade or related products.
As reported by crypto news outlet CryptoPotato, US Firms like FTX have been expanding their businesses via alternative methods and partnerships with major corporations. The exchange was the first crypto exchange American professional American professional basketball team Miami Heat with a 135 million naming-rights deal.
Google’s Complicated History with Crypto
In March 2018, Alphabet – Google’s parent company – cited ‘legal issues’ which it justified to implement strict policies against cryptocurrency advertising.
However, YouTube (Google subsidiary) faced a lawsuit in April 2020 for allowing cryptocurrency promotions.
In 2020, the platform failed to stop crypto scams and often indiscriminately censored content creators and scammers alike. Throughout the year of content creator outrage, Google was subjected to heavy criticism for banning genuine crypto projects and operators while simultaneously allowing scams to run wild.
Suffice it to say, the advertising ban removal is a step in the right direction for the industry.
Google’s worldwide search engine market share is over 92, according to data from statcounter.com.
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