Google is lifting restrictions on Google Ads as it relates to US exchanges and crypto wallets. Potential customers will, however, have to comply with a number of requirements to gain access to the company’s advertising services. In short, the doors are opening, but many crypto businesses are still being denied entry – at least for now.
Google dives into cryptocurrencies
On June 2, Google announced the lifting of a ban on US crypto exchanges from using its advertising services for the next day; a 3-year-old restriction. The updated rules indicate that exchange platforms and wallets, which will meet certain requirements and certified by Google, will be able to promote their products and services using Google Ads.
To show their credentials, exchange platforms will have to be registered with FinCEN as a “money services business and with at least one state as a money transmitter” or as a “state or federally chartered banking entity.” By this definition, Anchorage and Paxos are potentially eligible.
This news comes at a time when Binance US and FTX are battling for market share in the United States. Indeed, FTX is ready to invest in unconventional advertising. It even paid $135 million to buy the rights to change the name of the Miami Heats stadium to “FTX Arena”.
Still in the sandbox
Regardless, the ban on Google Ads cryptos still remains in place for initial token offerings, “DeFi trading protocols, or any other promotion of the purchase, sale, or trading of cryptocurrencies or related products.” Google is also still closing its doors to news and chart aggregators, signals and analytics services.
On the other hand, some of the restrictive measures put in place by Google have not stopped scammers from using Google’s advertising platform and YouTube to trick their victims. YouTube, for example, has faced several lawsuits from celebrities who were tired of having their image used to promote crypto scams on its platform.
Will the lifting of the ban last and are we moving towards a more extensive whitelisting by allowing Google Ads for the majority of crypto businesses? As a reminder, the company had closed its advertising platform to exchanges in March 2018 before announcing a lifting of the bans for October 2018. It took 3 years to finally see an implementation of this decision.
