Crypto exchanges and wallets can now be advertised on Google Ads, so long as they have registered with the Financial Crimes Enforcement Network (FinCEN). However, ICOs, IDOs, and loans, among other topics, are still disallowed.
Google has reversed the ban on crypto-related ads on its platform. The company’s new policy on financial products and services, which was first published in June, came into effect on August 3. Now, crypto exchanges and wallet providers can advertise their products and services on Google if they meet certain requirements.
The firm made good on its promise by sticking to the Aug 3 deadline mentioned in the initial announcement. Google first announced that it would allow such ads if the entities in question had registered with FinCEN. These entities must also follow legal requirements, whether at the state or federal level, and comply with Google Ads policies.
However, there are still some limitations imposed on the kind of crypto-related matters that can be advertised. Google will not allow ICOs, IDOs, loans, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets, and unregulated decentralized apps (dApps) to be advertised.
Alongside Facebook, Google caused big waves in the past few years for clamping down on crypto content, following the market boom of the past few years that saw retail interest skyrocket. The firms have said that this was done to protect uninformed investors from scams and fraud, of which there have been many.
With crypto now holding a reputation for being more legitimate, perhaps Google and others will rethink how restrictive they want to be with crypto. Government regulation will certainly have a role to play in that.
Big tech may also rethink crypto restrictions
Big tech firms have had to be cautious with crypto, as they inadvertently play influential big roles in the market, granting exposure to ideas and projects — as well as scams. To limit their liability and ensure that scams receive limited traction, big tech has been forced to ban crypto content. This content often has to do with matters that directly promote the idea of making a profit.
But it may be the case that platforms and companies, whether offline or online, will begin to rethink their crypto approach as regulators weigh in on the market. There is ample evidence that U.S. authorities are working on a regulatory framework, and this could have an effect on the exposure of crypto going forward.
It does not appear that regulators will take a draconian approach to the crypto market, but at the same time, they are keen on reining in the market. Decentralized finance (DeFi) and stablecoins appear to be two key areas they are targeting, as the two niches have grown exponentially and could have an impact on traditional finance.
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