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Home » Crypto ads now allowed on Google US

Crypto ads now allowed on Google US

Lucas N by Lucas N
July 1, 2022
in Policy & Regulation
Mobile handset with artificial intelligence and bit coin
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A new Google ad policy, which was announced in June and went into effect on August 3, changed existing rules to permit certain ads related to Bitcoin and other cryptocurrencies. The step was welcomed in the industry; however, it remains unclear whether it signals a broader relaxation of rules against a backdrop of ongoing regulatory insecurity.

No more Google bans on crypto ads in America

As per Google, beginning August 3rd, advertisers offering cryptocurrency exchanges and wallets targeting the United States are allowed to advertise those products and services when meeting specific requirements and having Google certification. This extends to companies registered with the US Treasury’s Financial Crimes Enforcement Network (FinCEN) or a federally or state-chartered banking regulator. 

Google certification requires advertisers to go through the new Cryptocurrency Exchanges and Wallets verification process updated in July and provide legal documentation for their business, as well as personal identification. Still, Google bans crypto ads related to decentralized finance or ICOs. Especially the latter has contributed to Google suspending crypto-related ads in the first place, as scams occurred in the past. A notable example was one ad posing as Apple co-founder Steve Wozniak to lure in money. Google banned the following crypto ads in 2018: 

“Cryptocurrencies and related content (including but not limited to initial coin offerings [ICOs], cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice) […] aggregators and affiliates.”

Google bans crypto ads no longer but industry is divided

While some voices have lauded the renewal of crypto Google ads, an uptick in attention from regulators means crypto ads as a whole are still facing an uncertain future. SEC commission chair Gensler recently called cryptocurrency regulation the “wild west”. The recently passed infrastructure bill slapped additional taxes on cryptocurrencies, albeit in a watered-down version of what was initially proposed. 

Tanya Xu, head of business development at crypto platform Celsius, had a positive take on Google’s decision: “As the US becomes more focused on crypto, from a regulatory standpoint, the clearer guidelines have probably allowed Google to feel more comfortable about allowing some activity by advertisers, on their platform.” She added that this could signal the start of a different approach towards crypto ads and that “it will be interesting to see if other countries then follow suit, and if other platforms — maybe social media, this time — also start to be more lenient with crypto players.”

Jeremy Britton, CFO of Boston Trading Co., a diversified crypto fund, was less positive: “The new regulations seem to disallow the advertising of legitimate cryptocurrency projects which have multiple years of track record, but allow any exchange to promote itself.” 

The state of crypto ads today

So far, advertising is not regulated since the crypto market is changing at breakneck speed, making it hard for regulators to keep up with it. Silicon Valley tech giants are currently loosening restrictions, but there isn’t a consistent approach even among tech companies. In a new content policy, Tiktok recently banned crypto influencers from promoting coins.

The Advertising Standards Authority (ASA) in the UK and the Advertising Standards Council of India (ASCI) identified crypto as potentially troublesome areas. This makes it hard to create long-term ad strategies, which is why crypto advertising so far has had to rely on Telegram groups, Discord servers, and social media influencers. 

Tags: Policy and Regulation
Lucas N

Lucas N

Lucas N is Coin Culture's managing editor for people and market, covering opinon, interview and market analysis. He owns Near, Aurora and Chainlink

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