The UK is strengthening supervision of cryptocurrency-related advertising. To be consistent with the country’s crypto advertising regulations, Google will update its advertising policy this month. The UK authorities aim to ensure that only cryptocurrency companies can advertise to citizens in compliance with their legal and marketing standards. Although the cryptocurrency sector is still in its early stages, it is well known because of its volatility and the number of scams and hackers targeting investors. Starting January 15, all crypto platforms advertise on Google must prove that they have a registration license from the Financial Conduct Authority (FCA).
Google shares more details on the support page about the upcoming changes to its advertising policy. In addition to crypto exchanges, Google has issued a special directive to hardware wallet providers looking to spread advertising in the UK.
“Google allows advertising to promote hardware wallets designed to hold private keys for cryptocurrencies, NFTS, or other crypto-based assets, but does not provide other services such as buying, selling, trading or trading assets,” the post notes.
Crypto advertisers are recommended to align with Google’s upcoming updates to its advertising policies. However, the search engine giant clarified that it will not immediately suspend the accounts of violators.
According to Google, companies find ads that do not have FCA registration will be notified first. They may receive a 7-day grace period to complete registration of the FCA before it faces a moratorium.
For two years, the UK has been working to curb investors’ exposure to unverified cryptocurrency services. In June 2023, the FCA stipulates that encrypted advertising must include risk warnings and avoid misleading promises. In addition, British authorities banned the “recommended friends” bonus provided by encryption platforms.
Binance temporarily suspended its operations in October 2023 after the UK implemented rules on cryptocurrency marketing. The exchange said it would take time to ensure that its promotional content complies with UK regulations.
