Google tightens crypto ads rules in the UK to combat scams

Google is set to implement significant changes to its advertising policies on January 15th, specifically targeting financial scams within the UK, with a particular focus on the cryptocurrency sector.

This action follows increasing pressure from UK authorities regarding misleading or fraudulent crypto promotions. To comply with the stringent regulations outlined by the UK's Financial Conduct Authority (FCA), Google is adjusting its advertising rules accordingly.

Under the revised policy, Google will permit advertisements for hardware wallets used to store private keys for cryptocurrencies, including NFTs and other digital assets. However, marketing efforts for services that facilitate the buying, selling, exchanging, or trading of cryptocurrencies will be strictly prohibited. To ensure compliance, Google will submit crypto platform ads to the FCA for licensing verification.

Importantly, Google has established a clear process for addressing non-compliant firms. Instead of immediate account suspensions, offending accounts will receive a warning and a seven-day grace period to align with the new policy, particularly the requirement of UK FCA registration. Failure to comply within this timeframe will result in account suspensions.

This move by Google demonstrates a proactive approach to combating crypto-related scams and ensuring consumer protection within the UK.

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