As of yesterday, Google has reopened to crypto advertising.
Indeed, as of 3 August 2021, the new rules on financial services and products announced in June came into force, allowing advertising for cryptocurrency-related services and activities again.
Thus, from yesterday, Google’s advertising platforms will once again accept advertisers promoting crypto exchanges and crypto wallets in the United States if they meet certain requirements and are certified by Google.
To be certified by Google, advertisers must be registered with the US Financial Crimes Enforcement Network (FinCEN) or as a federally or state-recognized banking entity in the US, and must also comply with relevant legal requirements, including any local state or federal legal requirements.
Therefore, the opening does not apply to all crypto companies, but only to US companies, or those registered with FinCEN, that meet certain requirements and are basically exchanges or wallets.
Moreover, in order to advertise their crypto products or services, advertisers must have applied for and obtained the new Google certification for exchanges and wallets.
Finally, advertisements for ICOs, DeFi trading protocols, cryptocurrency lending, DEX initial offerings, liquidity pool tokens, non-custodial wallets, unregulated dApps, as well as ads that bundle or compare cryptocurrencies, aggregators or related products, such as trading indicators, investment advice, aggregators or affiliated sites with related content or reviews of financial intermediaries, will not be allowed.
Google reinstates crypto advertising: consequences and impact
Nonetheless, this is a significant step forward, especially given the total ban in place until the day before yesterday, since June 2018.
It is not yet known which crypto companies have decided to start advertising on Google as of yesterday, but it is logical to imagine that there could certainly be some, starting with giants such as Coinbase.
One thing that is hard to imagine, however, is the impact that this news could have on crypto markets. Should the American crypto market giants begin to run widespread advertising campaigns, for example on YouTube, they could significantly increase the overall number of cryptocurrency holders.
As of today, only a minority of Americans are active in crypto markets, so the potential for growth is considerable. In the event of a new bull run in the markets, extensive advertising campaigns on YouTube could boost this percentage.