Google updates advertising policy: Exchanges and cryptocurrency wallets eligible for application, ICOs and DeFi still prohibited

Google has been banning cryptocurrency-related ads since 2018, causing the market to plummet and enter a prolonged bear market. Now, Google has once again updated its advertising policy, but ICOs, DeFi platforms, and specific cryptocurrency projects are still excluded.

What are the updates?

According to the lateststatement from Google, starting from 8/3, "Cryptocurrency exchanges" and "Cryptocurrency wallets" targeting U.S. consumers can advertise if they meet specific requirements and obtain Google certification.

This adjustment is part of Google's updates on financial products and services policies, and the requirements for businesses to obtain Google certification are as follows:

• Registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business and operate as a money transmitter in at least one state
• Or registered as a federal or state-chartered bank institution
• Comply with state, federal, or any legal requirements
• Ensure that their ads and landing pages comply with all Google advertising policies

The new advertising policy will take effect on 8/3 this year, and Google will revoke previous certifications when it releases its application form on 7/8, requiring businesses to reapply for new certifications for cryptocurrency exchanges and cryptocurrency wallets.

ICO, DeFi Still Prohibited

Google's updated policy still prohibits ICOs, DeFi platforms, and certain cryptocurrency projects, including:

Initial Coin Offerings (ICOs), DeFi protocols, and any ads promoting cryptocurrency trading

• ICOs
• Crowdfunding
• Cryptocurrency loans
• Liquidity pools
• Celebrity endorsements of cryptocurrencies
• Non-custodial wallets
• Unregulated DApps

Advertisements that aggregate cryptocurrency or related product information to achieve project goals

• Cryptocurrency listings
• Cryptocurrency investment advice
• Related content, including affiliate websites covering exchange reviews

Tech giants like Google, Facebook, and Twitter banned cryptocurrency ads in March 2018; in September of the same year, Google eased restrictions and allowed exchanges and mining service providers to advertise again.

Google has not further relaxed its advertising policies, and despite custodial wallet service providers being on the approved list, cold wallets still cannot advertise. Overall, Google has introduced a more stringent advertising process.