All Cryptocurrency-related advertisements to be banned by Google
Google’s director of sustainable ads, Scott Spencer said that Google is updating its ad policies related to financial services to ban advertising using cryptocurrency-related content which includes wallets, ICOs (Initial Coin Offerings) and trading advice.
This ban would also impact companies that legally are part of the cryptocurrency business as they won’t be allowed to post ads using Google’s ad products which limit their options to advertise their products on their own websites as well as third-party websites.
According to a company post, this update is to come into effect in June 2018.
“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 is probably following the similar ban followed by Facebook which was announced earlier this year.
Even though cryptocurrency is responsible for producing a lot of excitement and wealth, it still has a history of a lot of high-profile scams due to its large unregulated space.
This news will come to notice when Google releases its annual “trust and safety ads report.
According to Google, 3.2 billion ads were removed in 2017 that violated its policies which is almost twice the number of those that were removed the year before.
The parent company of Google, Alphabet makes approximately 84 percent of its total revenue from advertising hence it is necessary that advertisers are convinced about the safety of the ecosystem.