Google Resumes Allowing Ads Related To Bitcoin, Other Cryptos — With Plethora Of Restrictions
Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) subsidiary Google has resumed allowing advertisements related to Bitcoin (CRYPTO: BTC) and other cryptocurrencies on its network, but the move comes with plenty of restrictions.
What Happened: Google said it is allowing the advertisement of cryptocurrency-related business and services under its updated financial products and services policy that was announced in June and came into effect on August 3.
Advertisers offering cryptocurrency exchanges and wallets targeting U.S. consumers can advertise their products and services. However, they must be registered with the Financial Crimes Enforcement Network (FinCEN) or be a chartered bank entity.
See also: How To Buy Bitcoin (BTC)
Google said it will not permit ads related to initial coin offerings (ICOs), DeFi trading protocols or those promoting the purchase, sale, or trade of cryptocurrencies. The company has also banned celebrity cryptocurrency endorsements and ad destinations that aggregate or compare issuers of cryptocurrencies.
Why It Matters: Google had banned ads related to cryptocurrencies and ICOs in 2018. Google’s new crypto policy could help crypto businesses to reach a wider number of users worldwide.
Comments on the Reddit forum r/Bitcoin welcomed the move, with some users calling it a “bullish” signal for Bitcoin.
The move could also help boost Alphabet’s ad revenue, which grew 68.9% year-over-year to $50.4 billion in the recent second quarter.
Price Action: Alphabet shares closed 0.2% higher in Tuesday’s trading at $2,725.60.
Bitcoin is down 1.7% during the last 24 hours, trading at $37971.39 at press time.
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