Google is updating its financial product policy w.e.f. June 2018. The change brings a ban on crypto ads on Google including ICOs, wallets and trading advice.
In addition, ads for the following will no longer be allowed to serve:
- Binary options and synonymous products
- Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)
Crypto advertisers now need to be certified by Google before they can advertise through Adwords. The forms will be published on the search engine’s platform later this month for the certification.
To be certified by Google, advertisers will need to:
- Be licensed by the relevant financial services authority in the country or countries they are targeting
- Ensure their ads and landing pages comply with all AdWords policies
- Comply with relevant legal requirements, including those related to complex speculative financial products
When Facebook revised its advertising policies related to bitcoin, binary options and Initial Coin Offering, nobody expected Google to follow suit. Recently, the crypto advertisers using Google Adwords account were facing trouble advertising cryptos and blockchain oriented products. Even the channels showcasing crypto content on YouTube are reporting channel bans. The restriction on the video platform includes demonetizing, cancellation of Live Video feature and more.
Earlier the search engine giant had no specific policies related to cryptos and ICOs, and this sudden change in policies related to ICOs and crypto ads on Google is a marketing person’s worst nightmare coming true. In the last few weeks, Google was tagging cryptocurrency advertisements on Adwords as ‘limited’. Now what ‘limited’ means in context of Google Ads is, even though an ad is approved, it will not be displayed for certain age groups, regions or devices. If one just gives a periphery look on the internet, there are several posts on how Adword accounts have been suspended. Some companies even claim their accounts were terminated.
Suddenly Why Crypto Ads on Google are Banned?
There are a few theories on why Google is on this sudden purge, some overlapping while some contradicting. First and foremost, in the list is crypto ads on Google overreach its policies against false news, malicious ads and crypto mining scams.
Cryptocurrency scams are like the pump and dump schemes and fake ICOs have been affecting every social media giant — Facebook, Twitter, YouTube. Official accounts of exchanges as well as crypto leaders have been hacked in the past, and innocent followers were robbed. There is no limit of scams and deception in the world of cryptos. The scams have risen to such preposterous level that Vitalik Buterin felt the need to rename his Twitter handle.
Another view is that Google is meticulous when it comes to ads coming from the firms offering financial services. There is an elaborate how to advertise policy available on the platform. Even a single glitch and it might lead to an account ban especially in the case of crypto firms.
Also published on Medium.