- Google will allow ads related to crypto exchanges.
- Crypto exchanges and wallets targeting US users can advertise their products.
Search giant Google will allow ads related to crypto exchanges and wallets that have been banned in place for the past three years.
Google has lifted the ban on cryptocurrency advertising. In addition, it will allow them to use cryptocurrency exchanges and wallets registered with the Financial Crime Enforcement Network (FinCEN). Google released an update to its financial products and services policy in June. The update states that the change would come starting from August 3, 2021.
It also states that cryptocurrency exchanges and wallets targeting US users can advertise their products. Only if certain conditions are met. These conditions include registration with FinCEN, federal or state banking institutions, and compliance with state or federal legal requirements, and follow the Google Ads guidelines.
Moreover, all cryptocurrency exchange certificates will be revoked on August 3, which means that advertisers must request new certifications via an application form that will become available on July 8. However, Google is clear to deter any opportunity for potentially false advertising.
Earlier Ban on Crypto Ads
Earlier, Google has banned advertising related to cryptocurrencies. This shocked members of the crypto community. However, following the massive surge of interest in space after the boom in 2017. Google is not the only company suppressing cryptocurrency products. This is because Facebook has also banned related ads on its platform. The latter also lifted the ban on crypto advertising.
For a long time, cryptocurrency investors and insiders have been dissatisfied with what they see. As the main limitation of platforms such as Google and Facebook. These two methods are most often used by fraudulent projects. In order to deceive investors, however, the initial ban was not completely unfair.
The decision to relax restrictions shows that Google is now one of many companies that have lifted previous restrictions on cryptocurrencies. Added to this, they mentioned sentiments and attitudes towards major cryptocurrencies. Mainly, which they consider to be a legitimate asset class. In general, financial institutions, private companies, and technology platforms have taken a more liberal stance on cryptocurrencies.
Due to these developments, the number of buyers and users in the cryptocurrency market may steadily increase shortly. The growth of DeFi, especially the growth of non-fungible tokens (NFT), has gained wider recognition.
The new advertising policy means that aficionados of US-based cryptocurrencies may soon be bombarded by advertising. Binance US and FTX are currently competing for market share in the United States, and FTX is particularly willing to invest in unconventional advertising websites. Earlier this year, it was announced that FTX had acquired the rights to name the home of the Miami Heat from the National Basketball Association until 2040, the future FTX arena.
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