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BTC Pulse 2024-12-22 14:19:48

Google to Require UK Crypto Ads to Register with Financial Regulator Starting January 2025

Google’s New UK Crypto Ad Policy Google has introduced a crucial policy change, where it will be mandatory for all crypto-related advertisers targeting the United Kingdom to register with the Financial Conduct Authority. These new rules will go into effect on January 15, 2025, in an effort to strengthen consumer protection and compliance with the UK’s financial regulations. This update affects ads for cryptocurrency exchanges and wallet providers, including hardware wallet providers, although there are restrictions to their services. FCA Registration Now Compulsory for UK Crypto Firms As part of the new policy, crypto firms are expected to be registered with the FCA before they can run an ad on Google’s platform. Affected by this are: Crypto Exchanges: Online marketplaces where users can buy, sell, and trade digital assets. Software Wallets: Programs that allow users to store and manage cryptocurrencies. Hardware Wallets: Tangible devices that store private keys for digital assets, as long as they do not provide ancillary services of trading or selling assets. On top of the FCA registration, advertisers must comply with local laws of the regions they are targeting to continue being eligible. Google’s Push for Safer Crypto Ads Google’s move reflects growing regulatory scrutiny worldwide. Recently, the FCA issued warnings over unauthorized crypto promotions , including a Solana-based memecoin project called “Retardio” that was targeting UK consumers. This was an effort to protect users from financial losses in relation to unregulated promotions. Crypto Ad Scams Continue to Infiltrate Despite Regulations Despite stricter policies, crypto scams continue to be a thorn in Google’s platform. Recent examples include: Fake Crypto Websites: A phishing ad, impersonating Sony’s blockchain project, Soneium, led users to a fake website that stole crypto assets. Fraudulent Wallet Apps: An app called WalletConnect siphoned $70,000 from users. While it impersonated a legitimate protocol, it was an advanced scam targeting mobile users only. These incidents are a reminder of the ongoing challenges in keeping the crypto space secure and the need for strict ad policies and user vigilance. Google’s new policy will be a step toward better monitoring of crypto ads, so it also aligns with the global effort to improve transparency and consumer protection in the crypto industry. As the year 2025 approaches, specifically in January, these will be changes that advertisers have to be prepared for.

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