The UK is increasing scrutiny over advertisements related to cryptocurrency. In order to comply with the nation’s crypto advertising regulations, Google is revising its advertising policies this month. UK regulators seek to guarantee that only crypto companies meeting its legal and marketing requirements can promote their services to the public. While the crypto industry is still in its nascent phase, it is well-known for its instability and the increasing incidence of scams and hacks targeting investors. Starting January 15, all crypto platforms that advertise on Google must prove they possess a registration license from the UK’s Financial Conduct Authority (FCA).
Google provided more information regarding the forthcoming modifications to its advertising policies on a Support page. In addition to crypto exchanges, Google also conveyed a specific directive to hardware wallet providers wishing to advertise in the UK.
“Google permits advertisements for hardware wallets intended to secure the private keys of cryptocurrencies, NFTs, or other crypto-based assets, but do not provide additional services such as buying, selling, exchanging, or trading assets,” the post highlighted.
Crypto advertisers have been instructed to conform to Google’s impending changes to its advertising policy. However, the search engine behemoth clarified that it will not instantly suspend the accounts of those who violate the rules.
According to Google, companies discovered to be advertising without FCA registration will initially receive a notification. They will likely be given a seven-day grace period to finalize their registration with the FCA prior to their accounts facing suspension.
For more than two years, the UK has been striving to mitigate investor exposure to unverified cryptocurrency services. In June 2023, the FCA mandated that cryptocurrency advertisements must feature risk warnings and refrain from making misleading claims. Moreover, UK authorities banned “refer a friend” bonuses provided by crypto platforms.
In October 2023, following the UK’s enforcement of regulations concerning crypto marketing, Binance temporarily ceased its operations. The exchange indicated it required time to ensure that its promotional materials adhered to UK regulations.
