Google ad policy updates require bitcoin exchanges and wallets to comply with regulatory requirements
Google has updated its requirements for advertisements for bitcoin exchanges and wallets, requiring compliance with FinCEN, state, and federal regulations. Google, the world’s largest search engine, plans to update its advertising requirements for bitcoin-related businesses next month. Google will update its Financial products and services policy in August 2021 to clarify the scope and requirements for advertising cryptocurrency-related businesses and services, the company said in a statement.
“Beginning August 3, advertisers offering Cryptocurrency Exchanges and Wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google.”
The statement continued by stating that these businesses will need to register as money services businesses with the Financial Crimes Enforcement Network (FinCEN) and as money transmitters with at least one state, or with federally or state-chartered bank entities. Additionally, they must adhere to state and federal legal requirements. Existing certifications for cryptocurrency exchanges will be revoked on August 3, and advertisers will be required to apply for new certifications with Google when the company publishes an application form on July 8, 2021.
Additionally, the statement clarified that “Ads for initial coin offerings [ICOs], Defi trading protocols, or otherwise promoting the purchase, sale or trade of cryptocurrencies or related products” will be prohibited. Presales of initial coin offerings (ICOs), cryptocurrency loans, initial decentralized exchange (DEX) offerings, token liquidity pools, celebrity endorsements of cryptocurrencies, unhosted wallets, and unregulated decentralized applications were all mentioned as examples of things that cannot be advertised.
Google has accounted for 30% of global digital ad revenue in recent years, and its advertising policies can have a significant impact on a business’s success. The regulatory requirements imposed by these policies may very well determine the success of a large number of bitcoin exchanges and wallets.
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