As of yesterday, Google will only run cryptocurrency ads from advertisers that are registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business or be a federal or state-chartered bank that have also completed the new verification process and meet all other requirements for the category.
This is a particularly sensitive category as scams have occurred in the past promising the bitcoin giveaways, including a scam that posed as Apple co-founder Steve Wozniak, resulting in a lawsuit directed at Google and YouTube in 2020.
Requirements for Cryptocurrency Exchanges & Wallets to Run Google Ads
In order for these CryptoCurrency Exchanges and Wallets to advertise on Google Ads, these advertisers must be registered with FinCEN as a Money Services Business and with at least one state as a money transmitter, or a federal or state chartered bank entity.
The businesses must comply Comply with relevant legal requirements, including any local legal requirements, whether at a state or federal level.
As with all other advertisers, they are also required to ensure their ads and landing pages comply with all Google Ads policies
Cryptocurrency Exchanges & Wallets Google Ads Verification
In order to advertise in this category, all advertisers must go through the new Cryptocurrency Exchanges and Wallets verification process, which was updated in July. Advertisers can begin the certification process here. prior Cryptocurrency Exchange certifications will be revoked on August 3rd.
The certification process will require legal documentation for the business as well as personal identities, similar to the verification process for other advertisers.
While certain crypto ads are allowed, many still are not. Advertisers are still not allowed to promote ad destinations that aggregate or compare issuers of cryptocurrencies or related products.
Advertisers also may not advertise initial coin offerings DeFi trading protocols, or otherwise promoting the purchase, sale or trade of cryptocurrencies or related products.