Russia’s Yandex bans ads for crypto exchanges, miners

Russia’s largest search site Yandex has updated its advertising policy, banning ads for cryptocurrency exchanges, smart contracts, mining activities and ICOs.

Russia’s leading search site Yandex has updated its advertising policies to ban ads related to cryptocurrency services in Russia.

The new policy, which goes into effect immediately, is part of a broader effort to bring the platform’s operations into line with the country’s cryptocurrency regulations after Russian President Vladimir Putin signed a law banning the advertising of cryptocurrencies and services built on their use.

According to a statement from Yandex, the ban specifically bans ads 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 ads for services that check crypto wallets and transactions for money laundering activities.

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

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

Yandex’s tightening of advertising policies stands in sharp contrast to the approach taken by American rival Google, which earlier this year relaxed its requirements on crypto ads after the U.S. Securities and Exchange Commission approved spot Bitcoin (BTC) exchange-traded funds.