Google to ban advertising by unregistered crypto firms in the United Kingdom

The search giant Google запретит advertising financial services and products through its services to firms in the United Kingdom that are not authorised by the Financial Conduct Authority (FCA).

Политику по проверке рекламодателей Google обновит 30 августа 2021 года; новые правила вступят в силу через семь дней — 6 сентября.

The requirements will also apply to financial companies whose products are not regulated by the FCA.

Ronan Harris, Google’s managing director for the United Kingdom and Ireland, explained the introduction of the new rules as part of the tech giant’s efforts to combat financial fraud.

In December 2020 the FCA introduced a temporary registration regime for cryptocurrency companies awaiting regulator approval. It was expected to last until 9 July 2021.

In June 2021 the FCA extended the regime to 31 March 2022. The regulator said the initiative would allow crypto-asset companies to continue operating while the regulator conducts a thorough assessment of them.

As of writing, the regulator’s register lists six approved cryptocurrency firms. Applications from more than 80 firms are under review, and 64 have already withdrawn. Among the latest is the Bitcoin exchange Binance, regarding which the FCA in June issued a warning.

As a reminder, Google will lift the ban on advertising cryptocurrency exchanges and wallets in the United States.