Advertisers will be required to verify their license from the Financial Conduct Authority for their services to be displayed on Google.
According to the new policy, Google will not cover ads related to digital currencies, gambling, debt, and similar services. Starting from August 30, the search engine will only show ads of the companies registered by the FCA or those that qualify for one of the limited exemptions.
“Today’s announcement reflects significant progress in delivering a safer experience for users, publishers, and advertisers. Our utmost priority is to keep users safe on our platforms – particularly in an area targeted by fraudsters.”Ronan Harris, Google UK managing director
The change in Google’s policy will be implemented on September 9. Even though the Financial Conduct Authority of the United Kingdom welcomes the move, it believes that more laws and regulations will be needed to protect consumers from scams.
“We want to see continued and concerted efforts by all organisations with an interest in protecting consumers to achieve a sustained reduction in scams. While this is an important step from Google we think a permanent and consistent solution requires legislation.”The FCA
As many as 50 crypto firms can be forced to cease their operations in the UK. The FCA requires them to register under the Temporary Registrations Regime, starting from July 9 until March 31, 2022. The TRR aims to become a bridge between them and anti-money laundering rules.
It is estimated that only six out of 90 firms have been registered and admitted by the regulator. At the beginning of June, 51 of these companies had already withdrawn their applications. That number has now increased to 64.
Those that won’t complete the registration might have to shut down their platforms’ operation in the country and face heavy fines. Last week, Binance, the largest virtual currency exchange platform by trading volumes, was banned from the watchdog.