Google Updates Advertising Policy for Cryptocurrency Coin Trusts
Starting January 29th, 2024, Google will implement a significant update to its advertising policy regarding Cryptocurrency Coin Trusts. The objective is to enhance clarity and compliance in the crypto advertising space, specifically for products related to Crypto Coin Trusts targeting customers in the United States.
Google Demands Transparency In Advertising Crypto Trusts
The update requires advertisers to meet specific requirements and obtain certification from Google to promote Cryptocurrency Coin Trusts. Advertisers must also ensure that their products undergo a rigorous evaluation process to receive the positive checkmark icon, indicating no issues. This move comes as a response to the scrutiny faced by crypto advertising following the FTX exchange collapse and subsequent lawsuits against celebrities who endorsed it.
Local Laws Apply to All Advertisers
While this certification applies to financial products facilitating the trading of shares in crypto trusts, Google emphasizes that all advertisers must adhere to local laws regardless of the targeted region.
Potential Impact on Spot Bitcoin ETF
The upcoming decision by the US Securities and Exchange Commission on approving a spot Bitcoin exchange-traded fund (ETF) aligns with Google’s new policy update. Therefore, it suggests that the spot Bitcoin ETF could also be subject to these regulations.
Google Will Take Action Against Non-Compliant Firms
To ensure a standardized approach in advertising Cryptocurrency Coin Trusts, Google will enforce consequences for firms that fail to comply with the updated rules. Violations will not immediately result in account suspension; instead, advertisers will receive a warning at least seven days prior to potential suspension.
Hot Take: Google’s Push for Transparency in Crypto Advertising
Google’s updated advertising policy for Cryptocurrency Coin Trusts reflects the company’s commitment to promoting legal and transparent financial products worldwide. By demanding certification and transparency from advertisers, Google aims to create a safer environment for crypto investors and prevent misleading promotions. While this move may impose stricter regulations on the industry, it ultimately seeks to foster trust and compliance within the crypto advertising space.
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