Google to Update Its Crypto Ads Policies
Search engine giant, Google has recently updated its policies concerning crypto advertisements. The company has noted in the revised policy that crypto trust will be able to post ads that are invested in a large pool of digital currencies.
The policy will go into effect from 29th January 2024. The firms that intend to place crypto-related adverts on the search engine are required to maintain a crypto trust in the United States and complete the screening process approved by Google.
The firm has declared that policy changes for crypto ads readjust the scope and requirements for operating crypto-based trusts that are not exchanges and custodial services providers.
The firm has also announced that the final policy document will be finalized on 29th January. At the same time, Google has retained that advertisers should also comply with local regulatory requirements depending on their jurisdiction of origin. The firm has noted that these policies are applicable for adverts on an international scale.
The search engine also noted that firms that are found in violation of these policies can face penalties such as account suspension. However, Google will issue 7-day advance warning before taking action against the defaulting firms.
Google Lifts Ban on Crypto Ads
Google imposed a comprehensive ban on all crypto-adverts in 2018. However, the ban was lifted in 2019 with lax policies introduced in 2019. In this manner, cryptocurrency exchanges hailing from United States and Japan were able to publish selected ads.
The new policy will have an impact on certification and compliance process by requiring firms to acquire certification from Google before placing ads. This policy change increases legal adherence within the industry.
At the same time, advert policies for cryptocurrencies will require firms and services providers to avoid policy violations to circumvent penalties such as account suspension for non-compliance.
Furthermore, crypto firms will also account for defined timelines and implementation of policies in order to maintain a continued flow of adverts. Additionally, the updated terms of policies will allow firms to standardize the process of marketing in the light of policy guidelines.
Advertisers will also access prohibited policies from the restricted financial products certification documentation. In August, DeFiLlama researcher published a report about the search engine prompting unverified crypto adverts promoting scams.
The internet sleuth claimed that crypto adverts running on the platform redirected users to scam sites.
Irish Politician to Take Legal Action Against Google
A politician hailing from Ireland is set to take legal action against search engine giant Google. As per reports, Tanaiste Micheal Martin is elected minister of Fianna Fail Party. He has received a permission from the High Court to pursue legal action against the search engine for displaying scam crypto adverts using his credentials.
The politician has claimed is set to send a legal notice to Google Ireland and Google LLC. The statesman wants Google to reveal the identities of the scammers and the origin of falsified adverts. The ad in question was fashioned in the form of a newspaper citing fake quotes from Martin.
These quotes also exclaimed that he backed an automatic crypto trading scheme that promised unrealistic profit generation for investors within a short duration. Martin also received complaints from large corporations and he reported the ads to Google. Following the complaint, Google removed the ads citing policy violations.
