Silicon Valley tech giant Google is updating its crypto ad policy to improve its advertising standards, effective January 29, 2024.
The revision, specifically, targets Cryptocurrency Coin Trusts – a financial product allowing investors to trade in trusts holding large cryptocurrency pools. Simply put, instead of actually owning any cryptos, these trusts provide equity in cryptocurrencies to investors.
Per the policy update, advertisers are required to align with the guidelines and local laws to be certified by Google.
“We expect all advertisers to comply with the local laws for any area that their ads target. This policy will apply globally to all accounts that advertise these products.”
Furthermore, Google stated that any violations of the updated policy would lead to warnings initially and subsequent account suspension. “A warning will be issued, at least 7 days, before any suspension of your account,” it added.
By rewriting the crypto ad rulebook, Google aims to safeguard customers from any crypto investment dangers and provide trustworthy information.
Google’s certification is a mandatory seal of approval and adverts need to demonstrate compliance with these heightened requirements. The mandatory certification ensures that Google platform serves as a space for crypto and financial promotions that are credible.
In 2018, Google banned all cryptocurrency-related ads. Scott Spencer, Google’s director of sustainable ads, said at the time that the business would continue to treat cryptos with “extreme caution.”
However, it relaxed the ban in 2019, allowing regulated crypto platforms to advertise.
In September, Google amended its ad policy on blockchain-based non-fungible token (NFT) ads that do not promote gambling-related content.
However, the search engine behemoth said at the time that the ban remains intact for gaming ads where players stake NFTs to win cryptos.
The crypto ad policy change comes at a time when there is an increase in crypto ad scams. Recently, a report from Lloyds Bank noted that 66% of all crypto investment scams start on advertisements on social media and increasingly target 25-34-year-olds.
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