Google will soon ban all ads promoting cryptocurrencies

Google headquarters in Mountain View California

Google will crack down on cryptocurrency advertising on its platform later this year.

Google is to ban cryptocurrency adverts following a similar move by Facebook that sees the two giants of online advertising blocking controversial cryptocurrency promotions. Those ads placed on third-party sites via the company's ad platforms will also get affected. In its updated policy on Wednesday, this decision of banning ads for the cryptocurrency, Initial coin offering and other related content to crypto was made. The figure reported represented almost a twofold increase from 2016, when 1.7 billion adverts that violated Google's advertising policies were taken down.

Facebook banned cryptocurrency advertisement buys in January of 2018.

Google's director of sustainable ads, Scott Spencer, told the Wall Street Journal that the advertising policy update was created to "prevent consumer harm". From June ads for such products will no longer be served on Google's affiliate advertisement networks, while advertising through AdWords will require certification by Google, which "is only available in certain countries".

Google also said it will toughen rules for ads relating to other financial products.

Under Google's newly updated financial products policy, no advertisements for "cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)", will be accepted. While Facebook's policy was left intentionally broad in order to accommodate for a growing and evolving list of deceptive practices and keyword terms, Google's advertising changes target specific phrases more specifically. Regulating such financial products is a veritable nightmare and will test Google's new proactive standpoint to the limit.

Mr. Spencer's blog post also contained information about the number of ads taken down by Google over the course of 2017. This means we're able to block the majority of bad ad experiences, like malvertising and phishing scams, before the scams impact people. In 2017, Google took in over $95.4 billion in revenue from advertising, which was an increase from its 2016 revenue by over 20%.

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