Google is bringing an update to its Financial products and services policy, because of which beginning August 3, advertisers offering Cryptocurrency Exchanges and Wallets targeting the United States will have to be registered with FinCEN or a federal or state-chartered bank.
Google said that to be certified by Google, advertisers will need to be duly registered with (a) FinCEN as a Money Services Business and with at least one state as a money transmitter; or (b) a federal or state-chartered bank entity.
IMAGE SOURCE: GOOGLE
The advertisers will need to comply with the relevant legal requirements, including any local legal requirements, whether at a state or federal level. And advertisers will need to ensure their ads and landing pages comply with all Google Ads policies.
It's important to note that all prior Cryptocurrency Exchange certifications will be revoked on August 3, 2021. So, advertisers will need to request new Cryptocurrency Exchanges and Wallets certification with Google when the application form is released on July 8, 2021.
The company also announced that ads for initial coin offerings, DeFi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products; will not be allowed. Examples include ICO pre-sales or public offerings, initial DEX offerings, token liquidity pools, cryptocurrency loans, celebrity cryptocurrency endorsements, unregulated DApps, and more.
Ad destinations that aggregate or compare issuers of cryptocurrencies will also be not permitted.