Google to follow Facebook's lead on banning cryptocurrency ads

Bitcoin the largest cryptocurrency by market value pared an advance of about 2% after Google’s announcement
Bitcoin the largest cryptocurrency by market value pared an advance of about 2% after Google’s announcement
Author

15 March, 2018

From June 2018 there will be a clampdown across Google advertising platforms with regard to the promotion of cryptocurrency, and other high-risk financial instruments such as spread betting and CFD services. 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. With Google and Facebook both agreeing that Cryptocurrency advertisments are unsafe, this should ideally eliminate a significant portion of advertising scams surrounding cryptocurrency.

Under the new policy, Google said it would ban ads for cryptocurrencies and related content such as initial coin offerings, crypto exchanges and cryptocurrency wallets and advertisements providing trading advice. In 2017, Google said it removed more than 3.2 billion advertisements from the web.

Search engines and social media platforms have seen a spike in advertising for complex, often highly leveraged financial products. The company explained that it has updated its ad policies to "address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs)". However, Facebook goes on to state that it wants people to keep discovering and learning about new services and products through Facebook ads sans the fear of deception or scams.

Last year, Google removed 320,000 publishers from its ad network for violating its publisher policies and blacklisted almost 90,000 websites and 700,000 mobile apps.

Meanwhile, Google is fighting four class-action lawsuits filed by website publishers and advertisers who use its AdX services.

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Google also blocked 79 million ads in its network for attempting to send people to malware-laden sites and removed 400,000 of these unsafe sites a year ago.

It will also affect those placed on third-party sites via its ad platforms.

Google says genuine market advertisers will be able to request Google certification starting March 2018 "when the application form is published".

Mr. Spencer said in his blog post from earlier today that Google has updated its gambling advertising policies to include newly emerged methods of gambling, that is gambling with items that have "real-world value".

"If an entity such as Google does not feel comfortable with exposure to these cryptocurrencies then it is right that they don't promote it", said Chris Keshian, chief executive of $APEX Token Fund, which invests in cryptocurrency fund managers.


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