Google Updates Crypto Ad Policy to Enhance Advertising Standards

Google, the tech giant based in Silicon Valley, is making changes to its crypto ad policy to improve advertising standards. These updates will take effect on January 29, 2024.

Focus on Cryptocurrency Coin Trusts

The revised policy specifically targets Cryptocurrency Coin Trusts, which are financial products that allow investors to trade in trusts holding large cryptocurrency pools. Instead of owning cryptocurrencies directly, these trusts provide equity in cryptocurrencies to investors.

New Certification Requirements

According to the policy update, advertisers must comply with guidelines and local laws to be certified by Google. This applies globally to all accounts advertising these products.

“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.”

Consequences for Policy Violations

Google has stated that violations of the updated policy will result in warnings and potential account suspension. Advertisers will receive a warning at least 7 days before their account is suspended.

Safeguarding Customers and Providing Trustworthy Information

By rewriting the crypto ad rulebook, Google aims to protect customers from potential risks associated with crypto investments and ensure the provision of reliable information.

Mandatory Certification for Credible Advertising

Google’s certification is now mandatory for advertisers, who must demonstrate compliance with the heightened requirements. This certification ensures that Google’s platform serves as a credible space for crypto and financial promotions.

Tightening NFT Ad Policies

In September, Google updated its ad policy regarding blockchain-based non-fungible token (NFT) ads, allowing them as long as they don’t promote gambling-related content. However, gaming ads that involve staking NFTs to win cryptos remain banned.

Combatting Crypto Ad Scams

The policy change comes in response to the rise of crypto ad scams. A report by Lloyds Bank revealed that 66% of all crypto investment scams originate from social media advertisements, with a particular focus on targeting individuals aged 25-34.

Hot Take: Google Prioritizes Advertising Integrity in the Crypto Space

Google’s updated crypto ad policy reflects its commitment to maintaining advertising standards and protecting users from potential risks. By implementing stricter guidelines and certification requirements, Google aims to create a trustworthy environment for crypto and financial promotions. The focus on Cryptocurrency Coin Trusts and NFT ads demonstrates Google’s dedication to addressing specific areas within the crypto industry. As the prevalence of crypto ad scams increases, Google’s efforts to combat fraudulent advertising are crucial for safeguarding users and promoting responsible investment practices.