Google will soon ban advertising of UK financial services companies not regulated by the country’s financial watchdog, the FCA.
June 30, 2021, | AtoZ Markets – Internet search giant Google will prohibit companies from the UK not authorized by the Financial Conduct Authority (FCA) from advertising financial services and products through its services.
Google will update its advertiser verification policy on August 30, 2021, with the new rules taking effect seven days later on September 6.
The requirements will also apply to those financial companies whose products are not regulated by the FCA.
Ronan Haris, managing director of Google in the UK and Ireland, explained the introduction of the new rules as the tech giant's efforts to combat financial fraud.
FCA in December 2020 introduced a temporary registration regime for cryptocurrency firms awaiting regulatory approval. It was supposed to last until July 9, 2021.
In June 2021, the FCA extended the regime until March 31, 2022. The Office believed that the initiative would allow companies involved in the digital asset industry to continue their activities while the regulator "conducts a thorough assessment."
At the time of writing, there are six approved cryptocurrency firms in the agency's registry. Applications from more than 80 companies are being considered, and 64 have already withdrawn them. Among the latter was the bitcoin exchange Binance, regarding which the FCA issued a warning in June.
As AtoZ Markets reported, from August 2021, Google will lift the ban on advertising cryptocurrency exchanges and wallets in the United States.
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