How to launch and find white advertising sources for a “gray” niche using the example of a crypto exchange in the CIS

The first step is to audit current campaigns.

We started with an audit of the client's advertising campaigns in Yandex.Direct.

We saw that the campaigns seemed to be set up, but lacked consistency:

- there was no structured logic for calculating bids;
- the list of keywords was compiled without a clear structure;
- cross-matching was not performed;
- there was no bid management strategy.

First, we divided the campaigns into groups: separate words in exact match and separate words in phrase match. We cleaned up and matched the keywords. We added a branded campaign. We segmented the semantics, distributed the words into groups, rewrote the ads, and revised the landing pages.

Once the campaigns were structured by match type, it became much easier to manage bids.

Launching new traffic sources

Effectiveness became more predictable: campaigns that were precisely targeted performed better, generating more registrations and deposits. Phrase-based campaigns generated traffic but converted less effectively.

We chose a strategy of “always being at the top of search results.” It's quite simple.

As a result, after a few weeks, we managed to scale this channel. It was one of the key sources of free users, and we increased the volume of advertising by about three times. Expenses and revenues grew proportionally, while performance remained at the same level.

The next task was to connect additional traffic sources.

We chose networks that allowed us to advertise a crypto product:

1. MyTarget — advertising on Odnoklassniki and other Mail.ru Group social networks.
2. VKontakte — advertising in communities and interest-based targeting.

Yes, these sources were not groundbreaking, but they provided an additional flow of users and were quite effective.

Later, the client launched a mobile app, and the question of analytics arose. We settled on AppsFlyer as the market leader in MMP.

We set up conversions on Android, although there were certain difficulties. The advantage of AppsFlyer is that it can model data even in cases where the user refuses to transfer personal data in the app. This is critically important in a niche where even minor discrepancies would distort the analytics.

Launching standard Google Ads advertising was not possible. We submitted requests for moderation to both Google and Meta (Facebook/Instagram), but were rejected despite the client having a Maltese license. Therefore, we had to look for alternatives.

We launched standard advertising networks to promote mobile applications:
- Unity Ads — the results were poor. With expenses of up to $100 per day, we achieved some results, but it was impossible to scale the campaigns.
- Appnext — a more successful option. This network is famous for advertising on Huawei devices, and it was here that we managed to ramp up campaigns to $300–500 per day while maintaining profitability. This is a rare case where scaling was truly effective.

We also tested Apple Search Ads. This is a specific source: targeting is minimal, everything works on broad matching. Campaigns can only be scaled through the budget, but creatives (especially videos) allowed us to attract more attention. We got good results, but this channel still remained secondary.

An interesting twist: standard Google and Facebook advertising was not available. So we decided to test a veiled landing page.

We created a website that didn't mention cryptocurrency or Bitcoin at all. Everything was designed as a project for investing in “digital assets.” With this landing page, we successfully passed moderation on Google and Facebook.

On this website, we only collected leads, and then the retention department took over: email newsletters, working with users, invitations to the main product.

At the same time, we decided to expand the project and launched a school for teaching trading and introducing cryptocurrency.

There was a dual purpose here:
- to teach people how to work with cryptocurrencies;
- to show how the exchange works using a client as an example.

A mandatory step in the training was registration on the exchange, which gave us conversions. Some users deposited quite large amounts. But it cannot be said that this project became the main channel of attraction. Rather, it was an additional one.

Key points

Ideally, you should work “above board.” If you have a licensed product, start with that. Then expand your list of licenses so that you are allowed to advertise officially in key markets.

This will save you money and allow you to avoid “black” schemes, where traffic costs 2-3 times more and the quality is lower.

Using this client as an example, we communicated with affiliate teams, and the math just didn't add up. In “black” projects, the rate for the first deposit can reach $500 — and this is considered the norm, since such projects often operate on a “grab and run” model. But for “white” projects that are building a long-term business, such rates are inadequate. Even $100 for registration or deposit is too expensive.

Therefore, if you have a “white” product, think about how to legalize it as much as possible, collect all the necessary documents and licenses to have access to normal advertising. It will be more profitable, stable, and promising.