Google Announces Upcoming Advertising Ban for Cryptocurrencies

Google headquarters in Mountain View California

Encouraged by country leaders and banks, major advertising companies have been banning cryptocurrency related-ads on their platform due to the uncertainty surrounding scams and illicit activities using crypto.

Google's latest "bad ads" report said it had removed 3.2 billion ads in 2017 for breaking its policies, am 88% increase on the previous year. Google has announced today that it's not going to allow advertisements promotion initial coin offerings or cryptocurrencies starting this June.

"In June 2018, Google will update the financial services policy to restrict the advertisement of contracts for difference, rolling spot forex and financial spread betting", Google said.

Google said its ban includes cryptocurrency exchanges and wallets.

It adds that ads for aggregators and affiliates will also not be able to serve, among other things, cryptocurrency advertisements.

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. The cull also led to the removal of 320,000 publishers from its network, considered to be exacerbating deceptive content for commercial gain, while almost 90,000 websites and 700,000 apps were also blocked. In 2017, the company removed 320,000 "bad publishers" from its ad network, up from 100,000 in 2016.

Google is said to be mirroring what Facebook did earlier this year. The move is seen as Google's way of following in the footsteps of Facebook when it comes to blocking marketing content that promote high-risk financial products. Crypto-jacking, where malicious code is hidden on websites or in ads to take control of the processing power of a computer to mine crypto, is growing exponentially. Facebook also emphasized in a blog post that it wants users to continue to discover and learn about new products and services through its platform "without fear of scams or deception".

Cryptocurrencies are known to be notoriously volatile, so some governments are working to clamp down on the digital money.

Taking a cue from Facebook, Google too has made a decision to ban all advertisements for crypto-currencies and related financial products on its online properties.

"There are also lots of misleading speculations around cryptocurrencies".

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