“Google” removes the ban on ads for trading platforms and crypto wallets…details here
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Answer “Google” removes the ban on ads for trading platforms and crypto wallets…details here
In an unexpected departure, Google lifted the ban it had previously imposed on cryptocurrency trading platforms and digital wallets, which had previously prevented it from using its advertising services.
Google has been blocking Google ads on cryptocurrency wallets and platforms, a policy that lasted nearly three years.
According Google’s statementThe company will update its financial products and services policy in August.
As of August 3, Google decided to allow cryptocurrency trading platforms and crypto wallets to use Google advertising services, provided that they include some requirements such as:
- Register with FinCEN (Financial Crime Prevention Network) and comply with all relevant legal requirements and Google advertising policies.
- Only US cryptocurrency exchanges are allowed to promote their business through Google ads.
However, there are still some restrictions on crypto companies using ICOs, DeFi protocols and any cryptocurrency trading or related products.
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US companies like FTX are expanding their business through alternative methods other than advertising, such as partnerships with major corporations.
FTX became the first cryptocurrency exchange to sponsor the NBA team, the Miami Heat, with a 135 million naming rights deal.
In March 2018, parent company Alphabet – the company behind Google – pointed out the legal troubles it had faced and had to implement strict policies against cryptocurrency ads.
YouTube, a subsidiary of Google, faced a lawsuit in April 2020 for allowing the promotion of cryptocurrency scams.
Meanwhile, Google has come under fire for banning crypto ads while allowing fraudulent projects to promote on its platforms without any restrictions.
It is worth noting that Google’s new announcement is considered positive for the crypto market and allows its projects to define themselves more, although the process is currently limited to US companies.
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