Google will allow cryptocurrency exchanges and wallets from August 3 to advertise their services to American users, subject to certain conditions.
In 2018, Google banned advertising of all financial instruments that could pose risks to users, and cryptocurrencies were no exception. However, even the partial lifting of this ban came as a surprise, given that government agencies are trying to tighten control over cryptocurrencies. From August 3, cryptocurrency trading platforms and wallets will be able to advertise their products and services in the United States if they are certified by Google.
The current certificates of cryptocurrency exchanges will be revoked on August 3, 2021, so advertisers will need to obtain new certificates. The application form will be published on July 8, 2021. In addition, exchanges and wallets must be registered with the Financial Crime Enforcement Network (FinCEN) as a financial services service or obtain a banking license to provide such services at the federal or state level. Ads from these companies must comply with Google’s advertising policies.
However, Google will extend its ban on advertising ICOs, decentralized finance (DeFi) protocols, cryptocurrency loans, liquidity pools, and unregulated decentralized apps. Cryptocurrency projects promoted by celebrities, cryptocurrency market data aggregators and services offering “signals” for trading cryptoassets, as well as sites with reviews of brokers and cryptocurrency firms will remain on the “black list”.
According to recent data from Google Trends, users showed an unprecedented interest in cryptocurrencies in May. Perhaps this explains the softening of Google’s position in relation to the platforms for trading cryptoassets.
