Finance

Google To Ban Cryptocurrency-Related Advertising In June

Google To Ban Cryptocurrency-Related Advertising In June

The ban is part of a new financial products policy, that Google announced March 14 and applies also to advertisers that offer so-called Contracts for Difference, financial spread betting and certain kinds of foreign exchange transactions.

In a separate blog post, Google said it took down 3.2 billion ads that violated its advertising policies in 2017, almost double the number of ads it removed in 2016.

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

"We don't have a crystal ball to know where the future is going to go with cryptocurrencies, but we've seen enough consumer harm or potential for consumer harm that it's an area that we want to approach with extreme caution", Google's director of sustainable ads, Scott Spencer, told CNBC.

A spokesperson for Google said the policies of the company will attempt to anticipate the same.

All this purging amounted to the removal of two million pages for policy violations a month in 2017, while after expanding its policy against "dangerous and derogatory" content to cover additional forms of discrimination and intolerance, Google removed ads from 8,700 pages. Nevertheless, some of those banned ads might be able to advertise with Google only after they have been certified.




Google said it blocked more than 12,000 websites for copying content from other sites, suspended 7,000 AdWord accounts for tabloid cloaking - where scammers pretend to be news to game Google's system - and blocked more than 79 million ads that tried to direct people to malware websites. Then, it removed over 3.2 billion bad ads previous year.

CFDs, binary options and spread betting are all legitimate financial products but are highly risky.

This policy comes some weeks after Facebook announced, as documented by News.Bitcoin.com, "As of a new ruling issued on January 30, 'ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency". Facebook said at the time most cryptocurrency advertisers were not "operating in good faith".

This included bitcoin, wallets and ICOs as the company indicated that it was an emerging threat, a line taken by different regulators across the globe.

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.