Google has thrilled the crypto community by lifting off the ban that was imposed on cryptocurrency advertisements over the google platform. Crypto industry is restoring its reputation after the downfall during the last month as the price of cryptocurrencies have started showing greenish trend and crypto adoption from many institutions for payment solution depicting the dawn of the crypto industry.
Recently, Google’s officials added spice to the excitement of the crypto community by announcing to lift off the ban over advertising cryptocurrency wallets and exchanges, which was imposed back in 2018. And, now, after three years, this ban has been reversed, and crypto concerns would be able to show off or to advertise the wallets and exchanges for the sake of expanding their trading experience and profit volume as long as they abide by the SEC and FinCEN policies.
Earlier this morning, Google updated this news on services policy 2021 and financial products that Google is lifting off the ban over advertising digital wallets and exchanges as long as the firms are registered with Financial Crimes Enforcement Network (FinCEN). Update clearly stated that said amendment would be effective and fully operational by August 2021. Moreover, it was cleared that ads related to crypto wallets and exchanges would be allowed to advertise if they are registered with FinCEN and abide by the policies declared by the United States. However, the ban over advertising ICOs (Initial Coin Offerings) will remain unchanged.
Policy update cleared the SOPs of advertising on the main webpage of the company, of which one was that if concerned advertisers who are interested in advertising their crypto exchanges and wallets are looking for a way to expand the business by advertising United States crypto market, they will have to get registered with the state- or federal- chartered entity or FinCEN (Financial Crimes Enforcement Network). Moreover, the advertiser will also have to comply with federal and state legal requirements and will have to abide by the advertising policies of Google over ads as well as landing pages.
Google declared that this change is meant to find an effective and efficient existing match to FinCEN requirements and regulations. Back in 2018, due to rising concerns of United States regulations related to deceptive ads, not only Google but Facebook also banned advertising the Initial Coin Offerings (ICOs). Moreover, till now, ads related to ICOs, mining equipment, and crypto mining and ambiguous mining concepts are banned, and this decision will remain unaffected.