Google updates its financial products and services policy; resumes running Bitcoin ads

Google resumed running Bitcoin ads after rolling out its new financial products and services policy on August 3. A report unveiled this news, noting that this development allows cryptocurrency companies to advertise their products and services to US citizens through the search engine and websites it supports. However, businesses must meet the requirements provided before they can reap the benefits of advertising through Google.

Promote the mass adoption of crypto

According to the report, these changes have seen Coinbase rise to the top of search results when US citizens query Bitcoin (trade BTC with Bitcoin Revolution). While this policy may not have such a big impact on Alphabet's ad revenue, Google's parent company, which exceeds $ 147 billion annually, could potentially drive the mass adoption of cryptocurrencies.

Although Google allows companies to promote crypto exchanges and wallets, it does not support advertising for ICOs and DeFi trading protocols. Additionally, Google prohibits the promotion of cryptocurrency buying, selling or trading. On top of that, Google has banned the endorsement of cryptocurrencies by celebrities, in hopes of stemming the problems that emerge from false celebrity mentions.

Google's updated policy also prohibits cryptocurrency advertisers from linking their ads to websites hosting cryptocurrency exchanges, cryptocurrency investment advice, aggregators, or affiliate sites that contain related content or broker reviews.

Requirements for cryptocurrency advertisers

Google's updated financial products and services policy requires that any company wishing to advertise a wallet or exchange via the Google search engine is duly registered with FinCEN as a money services company. Additionally, the tech giant needs companies to register in at least one state as a money transmitter. If this option isn't feasible, Google also accepts companies registered with a federal or state bank.

Furthermore, companies must comply with all legal requirements. These include any local statutory and legal requirements. Finally, companies looking to promote their crypto products or services through Google must ensure that their ads and landing pages adhere to all Google Ads policies.

The new policy replaces the set of rules set by Google in September 2018. Prior to September 2018, Google had banned cryptocurrency ads altogether, following in the footsteps of social media giant Facebook. While both Facebook and Google have since backtracked on their decision to ban crypto ads, TikTok has started cracking down on the industry over the past month by announcing that all crypto content is banned on the platform.