Google lifts Ad ban on Crypto
Google will lift restrictions, initially implemented in 2018, and allow exchange and crypto services to post ads in the U.S.
Google, the company responsible for the world's most widely used search engine and other widely known services, announced that it would lift advertising bans for exchanges and crypto wallet providers, which it had applied in 2018 as a mechanism to curb the proliferation of scams. The new criteria and requirements leave out DeFi services and market analysis companies, and other services.
The Google team indicated this through its support page, where it reported that they'd remove the restriction starting August 3. Once Google lifts the restrictions, all advertisers will be able to advertise services of this type for resident customers In the U.S.A.
The publication reads the following:
"Beginning August 3, advertisers advertising crypto exchanges or customer-facing wallets in the U.S. can advertise these products and services ... as long as they meet the following requirements and are certified by Google."
Among the requirements contemplated for exchanges is due registration with FinCEN as a money services company, with the proper authorization to carry out operations with fiat money. This purpose also applies that the company appears as a bank authorized by the state or at the federal level, especially considering Anchorage or Paxos, which currently hold said status.
Not everyone will be able to advertise through Google.
Although lifting these restrictions appears as excellent news for companies in the sector, the measure does not seem to cover all entities interested in promoting their ads through Google to the U.S. public.
According to information published in the support section, the requirements requested by Google exclude companies interested in launching I.C.O. campaigns for their new cryptocurrencies and those DeFi protocols that promote the purchase, sale, or commercialization of digital currencies.
In turn, all those companies that operate market signals and analysis services are also outside the exceptions considered by Google.
Banned since 2018
Google initially implemented these restrictive measures for the first time in 2018, when it implemented restrictive advertising measures associated with digital currencies due to the proliferation of the scams related explicitly to fraudulent I.C.O.s and exchanges.
Google's ban impacted the price of currencies such as Bitcoin and Ethereum, already affected after the market crash at the beginning of 2018. At that time, the I.C.O. market was one of the most profitable within the ecosystem of digital currencies, which was full of a large number of projects seeking financing, presenting potential investors with proposals to develop in the future if they had the necessary funds.
However, studies carried out later showed that more than 80% of the projects that sought financing through this mechanism did not come to fruition. Because they failed to develop the idea initially considered, fell short halfway through, failed to distribute funds properly, or just took all the capital raised and scammed investors.
However, lifting these measures appears only to benefit a few participants who have managed to bypass all the bureaucratic walls raised by U.S. regulators. The resolution could help companies such as Binance.US, Coinbase, Gemini, and other platforms that operate based in the U.S.