The UK is intensifying oversight of cryptocurrency-related advertisements. To align with the country’s crypto advertising regulations, Google is updating its advertising policies this month. UK authorities aim to ensure that only crypto firms compliant with its legal and marketing standards can advertise to its citizens. Although the crypto sector remains in its early stages, it is notorious for its volatility and the growing number of scams and hacks targeting investors. Beginning January 15, all crypto platforms advertising on Google must demonstrate they hold a registration license from the UK’s Financial Conduct Authority (FCA).
Google shared more details about the upcoming changes to its advertising policies in a Support page. Alongside crypto exchanges, Google also issued a special directive to hardware wallet providers looking to circulate advertisements in the UK.
“Google allows ads promoting hardware wallets that are designed to hold the private keys of cryptocurrencies, NFTs or other crypto-based assets, but do not offer additional services such as purchasing, selling, exchanging or trading assets,” the post noted.
Crypto advertisers have been advised to align with Google’s upcoming update to its advertising policy. However, the search engine giant clarified that it will not immediately suspend accounts of violators.
According to Google, firms found advertising without FCA registration will first receive a notification. They will likely be granted a seven-day grace period to complete their registration with the FCA before their accounts face suspension.
For over two years, the UK has been working to curb investor exposure to unverified cryptocurrency services. In June 2023, the FCA mandated that crypto advertisements must include risk warnings and avoid misleading promises. Additionally, UK authorities prohibited “refer a friend” bonuses offered by crypto platforms.
In October 2023, following the UK’s implementation of rules governing crypto marketing, Binance temporarily halted its operations. The exchange stated it needed time to ensure its promotional content complied with UK regulations.
