Google Removes Its 2018 Ban on Cryptocurrency Wallets and Exchange Ads

Google has lifted its ban on cryptocurrency exchanges and digital wallets, prohibiting them from using Google’s advertisement service, a policy that lasted almost three years.

• According to the document, Google will update its Financial products and services policy in August to further clarify cryptocurrency exchanges about all the requirements needed to allow advertisement through the platform.
• Some of the requirements include being registered with the FinCEN (Financial Crimes Enforcement Network), besides complying with all relevant legal requirements and Google Ads policies.
• Only cryptocurrency exchanges in the United States are allowed to promote their businesses through Google. However, some restrictions remain for crypto companies launching ICOs (Initial Coin Offering), DeFi trading protocols, and any cryptocurrency trade or related products.
• U.S. Companies like FTX have been expanding their businesses through alternative methods and partnerships with big corporations. As reported by CryptoPotato, FTX became the first crypto exchange to sponsor American professional basketball team Miami Heat with a 135 million naming-rights deal.
• Back in March 2018, Alphabet —the company behind Google— cited “legal issues” that pressured it into implementing strict policies against crypto ads.
• YouTube, Google’s subsidiary, faced a lawsuit in April 2020 for allowing the promotion of cryptocurrency scams. In the meantime, Google was heavily criticized for banning crypto ads but allowing scam projects to promote their platforms without any restriction.