Google tightens ad guidelines to combat digital scams and protect users in Switzerland.
According to an update, only compliant, licensed crypto firms can advertise under new Google rules.
Google’s advertising policies have sparked significant controversy in recent years, particularly regarding promoting cryptocurrency projects and related products. These guidelines have led to legal challenges in multiple countries, where Google’s restrictions have been scrutinized and contested in court.
As per a recent update, Google is ready to implement an updated advertising guideline on its platforms. The revised set of guidelines is expected to be implemented on September 20.
Google’s updated policy in Switzerland sets clear guidelines for cryptocurrency-related ads, allowing only compliant and licensed companies to promote their services.
Key Updates
The cryptocurrency exchanges and software wallets officially licensed by the Swiss Financial Market Supervisory Authority (FINAMA) can only be advertised on Google, as per the new policies.
It also includes all other clearances required to operate in the region. However, hardware wallet service providers can run their ads on Google, but these products should only be limited to storage services.
The hardware wallet offering storage and trading services collectively is restricted and barred from running advertisements, as per the fresh guidelines. After reviewing if they comply with Google’s and Switzerland’s guidelines, Google will provide a certification to the advertisers.
According to a person aware of the fact, the push for the amendment of guidelines in Switzerland came following the surging adoption and popularity of digital assets in the region.
The Need for Revised Guidelines
Google is a multinational internet service provider developed in 1998 by Larry Page and Sergey Brin. The service provider holds a significant portion of the global online advertising industry.
To maintain its credibility and security, Google constantly updates its guidelines because, nowadays, most frauds and scams are committed via leveraged digital advertising.
In April 2024, a leading media outlet reported that scammers had created a fake version of Whales Market, an over-the-counter (OTC) crypto platform. It was advertised through sponsored ads on Google search results.
The fake Whales Market website mimics the real one, tricking users into connecting their digital wallets. Bad actors who seek to exploit loopholes for financial gain constantly threaten the digital advertising space.
As seen with the fake Whales Market incident, scammers quickly adapt, creating fraudulent sites and mimicking legitimate services to deceive users. Regular updates to guidelines are necessary to close these loopholes and protect consumers.
As a global tech giant, Google’s reputation is under constant scrutiny.
Controversies surrounding its advertising policies, particularly in sensitive sectors like cryptocurrency, can result in legal challenges and damage to its brand.
By proactively updating its guidelines, Google can mitigate risks and demonstrate its commitment to ethical advertising practices.
Crypto Market Price Update
When writing, the cryptocurrency market capitalization was $2.107 Trillion, with a growth of 5.30% in the past seven days. In the past 52 weeks, the cap grew over 101.48% and 31.23% YTD, according to the data from TradingView.
Source: TradingView
At the press time, Bitcoin was trading at $60,611 after losing over 11% of its trading price. Since the past few weeks, BTC prices have reflected no significant improvement despite surging trading volume.
Source: TradingView
Market watchers claim that if bears remain dominant, the price of Bitcoin is expected to fall below the initial support of $56,400.14. If it breaks the bears’ barrier, it could surge and mark the resistance at $69,006.
