Russia’s Yandex bans ads for crypto exchanges, miners

Russia’s largest search website, Yandex, has updated its advertisement policy, banning ads for crypto exchanges, smart contracts, mining activities, and ICOs.

Russia‘s most prominent search site, Yandex, has updated its advertising policies to ban ads related to crypto services within Russia.

The new policy, effective immediately, is part of a broader effort to align the platform’s operations with the country’s regulations on crypto after Russia’s President Vladimir Putin signed a law that maintains strict prohibitions on the advertising of crypto and services built around its use.

According to a statement from Yandex, the ban specifically prohibits advertisements for crypto exchanges, blockchain services, smart contracts, crypto mining, and initial coin offerings, as well as any ads promoting earnings from these activities. The policy also restricts advertising for services that check crypto wallets and transactions for money laundering activities.

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However, Yandex clarified that certain related ads would still be allowed, such as advertisements for physical equipment used in crypto mining and storage, educational articles, training materials, and events related to crypto, mining, and ICOs. Additionally, legal consultations on crypto topics are also permitted under the new rules.

For countries outside of Russia, Yandex will continue to allow crypto advertisements, although with some restrictions. Ads in these regions must comply with all local legal requirements and Yandex’s advertising policies, prohibiting guarantees of quick earnings, promises of successful deals, references to success stories, and claims that crypto transactions are safe and risk-free.

The tightening of ad policies by Yandex contrasts sharply with the approach of its American rival, Google, which earlier this year relaxed its requirements for crypto ads following the U.S. Securities and Exchange Commission’s approval of spot Bitcoin (BTC) exchange-traded funds.

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