Silicon Valley tech giant Google is taking steps to improve its advertising standards by updating its crypto ad policy, effective January 29, 2024. This policy revision specifically targets Cryptocurrency Coin Trusts, which are financial products that allow investors to trade in trusts holding large cryptocurrency pools.
What are Cryptocurrency Coin Trusts?
“Simply put, instead of actually owning any cryptos, these trusts provide equity in cryptocurrencies to investors.”
Under the updated policy, advertisers are required to align with guidelines and local laws in order to be certified by Google. Any violations of the policy will result in warnings and possible account suspension. Google will issue a warning at least seven days before suspending an account.
Protecting Customers and Providing Trustworthy Information
Google aims to safeguard customers from the dangers of crypto investments by rewriting the crypto ad rulebook. The certification from Google serves as a seal of approval for advertisers, ensuring compliance with the new requirements.
In 2018, Google banned all cryptocurrency-related ads due to the company’s cautious approach. However, in 2019, the ban was relaxed to allow regulated crypto platforms to advertise. In September, Google made further amendments to its ad policy to allow blockchain-based non-fungible token (NFT) ads that do not promote gambling-related content.
Increasing Crypto Ad Scams
This policy change comes at a time when there is a surge in crypto ad scams. A report from Lloyds Bank revealed that 66% of all crypto investment scams start on social media advertisements, primarily targeting individuals aged 25-34.
