Case Study: How a Crypto Exchange Achieved 3.2x ROAS on Google Ads
Client: Top-20 Global Crypto Exchange · Duration: 6 months · Platforms: Google Ads, Microsoft Ads
The Challenge
A top-20 global cryptocurrency exchange approached Unled Network with a critical problem: their in-house Google Ads campaigns were consistently getting flagged and suspended. Despite holding proper regulatory licenses in multiple jurisdictions, their standard Google Ads accounts could not maintain compliance with Google's G2 Crypto Certification requirements. Each suspension meant days of lost advertising, wasted campaign learning data, and tens of thousands of dollars in lost revenue.
Additionally, the exchange was only advertising in 3 markets (US, UK, and Germany), missing massive growth opportunities in other regulated markets where they held licenses.
Our Strategy
Certified Account Infrastructure
We deployed G2-certified Google Ads accounts pre-approved for cryptocurrency advertising. These accounts had established compliance histories and direct relationships with Google's crypto advertising compliance team, eliminating the suspension cycle that had plagued the client's in-house operation.
Multi-Market Expansion
We expanded campaigns from 3 to 12 regulated markets, each with market-specific ad copy, landing pages, and compliance messaging. Markets included: US, UK, Germany, France, Spain, Italy, Netherlands, Australia, Canada, Japan, South Korea, and Singapore.
Conversion Optimization
We restructured campaigns to optimize for funded account conversions rather than signups. By passing back conversion value data (first deposit amounts), we trained Google's Smart Bidding algorithms to target users with higher deposit potential. This reduced CPA for funded accounts by 45% compared to the client's previous campaigns.
Search + Display Strategy
We ran a dual approach: Search campaigns captured high-intent queries ("buy Bitcoin," "best crypto exchange 2026"), while Display and YouTube campaigns built brand awareness in new markets. Remarketing campaigns re-engaged users who signed up but had not yet made their first deposit.
Results After 6 Months
- 3.2x ROAS - every dollar of ad spend generated $3.20 in attributed first-deposit revenue
- 45% CPA reduction - cost per funded account decreased from $120 to $66
- 12 active markets - expanded from 3 to 12 countries with compliant campaigns
- .1M monthly spend - scaled from $400K/month to .1M/month while maintaining ROAS
- Zero account suspensions - certified accounts maintained continuous operation throughout
- 4.2x increase in funded accounts - monthly new funded accounts grew from 3,200 to 13,500
Key Takeaways
Account infrastructure is the foundation.
The single biggest performance improvement came from using certified accounts that maintained continuous operation. Eliminating suspensions meant continuous campaign learning, which improved algorithm optimization across all markets.
Optimize for the right conversion.
Shifting from signup optimization to funded account optimization reduced wasted spend on low-quality registrations and focused budget on users with genuine trading intent.
Multi-market campaigns compound returns.
Each new market added incremental volume without cannibalizing existing markets. The combined conversion data across 12 markets gave Smart Bidding algorithms significantly more signal to optimize against.
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