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Google bans cryptocurrency adverts

Google bans cryptocurrency adverts

Google said it will also seek ways to close loopholes which allow cryptocurrency advertising by purposely misspelling words like "bitcoin". Cryptocurrencies have been a hot topic for quite some time now, with its regular rise and fall the digital currency coins have managed to steal the stage away.

In 2017, we took down more than 3.2 billion ads that violated our advertising policies.

The move follows similar bans made by advertising rival Facebook, which banned all cryptocurrency and ICO adverts in January after finding that many were being used to scam potential investors.

Facebook called this, an effort by the company to prevent people from advertising "financial products and services frequently associated with misleading or deceptive promotional practices".

Advertisers can request certification with Google starting March 2018 when the application form is published. "There are many companies who are advertising binary options, ICOs and cryptocurrencies that are not now operating in good faith", said Facebook Product Management Director Rob Leathern earlier this year. Now Google is following suit, announcing a ban on several types of financial ads, including ads for cryptocurrencies, initial coin offerings (ICOs), and cryptocurrency related products like cryptocurrency wallets and advice services.

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While it seems that the move does not target cryptocurrencies specifically, the fact that crypto-related content is poised to suffer the harshest restrictions under the new policy suggest that Google may view digital currencies as more problematic than other financial products. Now it has got about updating Google's policy which will ban risky financial products. The world's biggest search engine has said that the step has been taken to combat emerging threats and improve the ads experience online.

Users would also have to "comply with relevant legal requirements, including those related to complex speculative financial products". That's up from 1.7 billion in 2016.

The tech giant said that its decision was urged by the growing instances of consumers becoming victims of "online scams".

Once news of Google's new policy began making the rounds, cryptocurrency markets didn't react very favorably.


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