Google is set to update its advertising policy on January 15 in a bid to combat financial scams, particularly those prevalent in the cryptocurrency sector. This move comes in response to numerous complaints received by UK authorities regarding irregularities associated with crypto promotions. By implementing these changes, Google aims to comply with the UK's regulations on cryptocurrency advertising.
On January 15, Google will begin by displaying crypto platform advertisements to the UK's Financial Conduct Authority (FCA) to maintain its licensing. The company has detailed this policy update on its support page, stating that it will permit promotions for hardware wallets designed to hold private keys for cryptocurrencies, including NFTs and other crypto assets. However, Google will not allow advertising for services that involve buying, selling, exchanging, or trading cryptocurrencies.
Firms looking to promote crypto will need to pay attention to Google’s forthcoming changes. The tech giant has made it clear that accounts violating these policies won’t be suspended right away. Instead, if a crypto company advertises without UK FCA registration, they will receive a notification and be given a seven-day grace period to comply. If they fail to register within that timeframe, their accounts will then be subject to suspension.
In 2023, UK authorities have been actively working on policies aimed at safeguarding investors from potential losses and fraud due to unverified cryptocurrency services. In June of that year, the FCA approved crypto advertisements but mandated that warnings about risks and false promises be included. Additionally, UK regulators have urged crypto platforms to refrain from offering promotions that involve referral bonuses.
In other news, Google has reduced its top management positions by 10 percent as part of an ongoing initiative to improve operational efficiency, according to a report by Business Insider. CEO Sundar Pichai reportedly communicated this update during an all-hands meeting on Wednesday, December 18. The reduction specifically impacted roles including managers, directors, and vice presidents. Some positions have been transitioned to non-managerial roles, while others have been eliminated, as stated by a Google spokesperson in the report.
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