Google Ads’ updated cryptocurrency policies are now in effect. This is what crypto advertisers should do to continue advertising.
Google will now only show cryptocurrency ads to advertisers that have been registered with the Financial Crimes Enforcement Network (FinCEN) as money services businesses or banks that are federally or state-chartered. These entities must also have completed the verification process and met all other requirements.
This is a susceptible category, as scams have been perpetrated in the past promising bitcoin giveaways. In one instance, Steve Wozniak was posed as Apple cofounder. This led to a lawsuit targeting Google and YouTube in 2020.
Requirements for Cryptocurrency Exchanges & Wallets to run Google Ads
To advertise on Google Ads for CryptoCurrency Exchanges and Wallets, they must register with FinCEN to be Money Services Business and have at least one state designated as a money transmitter or federally chartered bank.
Businesses require compliance with all relevant laws at both the federal and state levels.
Like all advertisers, they must ensure that their ads and landing pages conform to all Google Ads policies.
Verification of Cryptocurrency Wallets & Exchanges Google Ads
All advertisers who wish to advertise in this category must undergo the updated Cryptocurrency Wallets verification procedure last edited in July. The certification process can be started here by advertisers. On August 3, all previous Cryptocurrency Exchange certificates will be canceled.
Certification will require legal documentation for the company and personal identifications, much like the verification process for another advertiser.
Some crypto ads may be allowed, but others aren’t. Advertisers are not allowed to promote crypto ads that compare or aggregate issuers of cryptocurrency or related products.
Advertisers may not promote initial coin offerings Defi trading protocol or other promotions of the purchase, trade, or sale of cryptocurrency or related products.