Google Ads only wants crypto firms with FinCEN approval, bank charters

Operators of crypto wallets and exchanges hoping to leverage Google Ads must meet new standards, like dealing with crypto boogeyman FinCEN.

Google Ads will partly lift its three-year embargo on crypto-related advertisements starting August 3.

Earlier this week, the Big G subtly announced changes to Google Ads’ financial products and services policy to allow crypto wallets and exchanges to advertise to users in the US.

In 2018 — just as Bitcoin was falling from its then-record $20,000 peak — Google Ads placed a firm ban “unregulated or speculative financial products,” which included crypto products and services.

Google later eased those restrictions allow crypto exchanges to advertise in Japan and the US, providing they were certified by Google — but now they must reapply.

Indeed, operators of crypto wallets and exchanges hoping to leverage Google’s reach must meet new requirements.

Most notably, they’ll need fully register with the Financial Crimes Enforcement Network (FinCEN), or hold a state or federal bank charter.

An excerpt from the new Google Ads policy for crypto-related companies.
Stipulations in Google Ads’ new crypto policy.

Cryptocurrency exchanges already using the Ads service will have their certification automatically revoked.

Google Ads still cautious of crypto

Despite these changes, the Mountain View internet giant still maintains a tight grip on which crypto-related ads it will serve to users.

Initial Coin Offerings, celebrity crypto endorsements, and DeFi protocols all remain banned from using Google Ads. 

FinCEN has become something of a boogeyman in crypto circles.

[Read more: Soulja Boy tweets $24K pay-to-play deal with SafeMoon clone — then deletes it]

Crypto companies can lodge their applications when Google’s fancy new form drops on June 8. 

Prefer to listen to your news? The Protos Podcast delivers the week’s top stories every Friday.

Join our newsletter and get crypto news in your inbox

Newsletter

© 2021 Protos