Google to ban ads promoting cryptocurrencies

15 March, 2018, 05:44 | Author: Franklin Nunez
  • After Facebook, Google bans ads on unregulated cryptocurrencies, foreign exchange markets

Google's updated policy also bans "cryptocurrencies and related products" from aggregators and on affiliate networks.

A bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017.

Facebook, the primary rival of Google for advertising dollars, banned cryptocurrency ads in January.

Google said in 2017, it removed more than 3.2 billion advertisements from the web, compared with 1.7 billion in 2016.

Google's Director of Sustainable Ads - Scott Spencer, in his latest blog post, has announced major changes to their Ad Policy pertaining to Finance related services.

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Google said it updated its policies, expanding its policies in April to cover forms of discrimination and intolerance beyond hate speech protections. that led to the removal of Google ads from 8,700 pages.

While some cryptocurrency advertisements are for legitimate companies, such ad platforms have become hotbeds for cryptocurrency-related scams.

"We equally removed 66 million "trick-to-click" ads as well as 48 million ads that were attempting to get users to install unwanted software".

For instance, in 2017 Google pulled over 79 million ads that lured clickers online to websites that contained malware. Then, it removed over 3.2 billion bad ads previous year.

In addition, Google will add the following to its "restricted" list with respect to advertising: Contracts for Difference, rolling spot forex, and financial spread betting.

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The company also said it reviewed more than 11,000 sites for suspected violations of its policies on misrepresenting content; more than half were blocked, and 90 publishers had their accounts closed. But a Google spokeswoman said the Google's policies will try to anticipate workarounds like this.

On Wednesday morning, an analyst at the trading platform for eToro, Mati Greenspan wrote in an email that, "Google joined Facebook in the all-out crypto advertisement ban".

Where it is unlikely that the upcoming ban on cryptocurrency ads would have any serious impact on Google ads sales, the ban would be of great help to unsuspecting and novice investors to protect them from companies who are advertising binary options, ICOs and cryptocurrencies that are not now operating in good faith.

Aside from scams, governments are also beginning to step in with plans to regulate cryptocurrency over fears that it is being used to fund criminal activity.

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