Google has finally announced that it would be taking the path of Facebook as it bans advertising contents related to Cryptocurrencies, Initial Coin Offerings (ICOs), exchanges, wallets, trading advice and spread betting. The company published its new financial services rules last week with the company director of sustainable ads, Scott Spencer, who wrote in a blog post. “Improving the ads experience across the web, whether that’s removing harmful ads or intrusive ads, will continue to be a top priority for us.” He confirmed Google’s stance on Cryptocurrency which they view as a volatile digital cash and as an unregulated and speculative financial product.
In 2017, Google was forced to take down more than 3.2 billion ads that were in violation of its advertising policies. It banned about 320,000 publishers and blacklisted nearly 90,000 websites and 700,000 mobile apps from its ad network last year for violating publisher policies. Spencer claims that “We paid $12.6 billion to publishing partners in our ad network last year. But in order to make money from Google ads, you have to play by rules.” So to run ads on Google you have to play by the rules or get kicked out.
Google also announced that its partners are not exempted from the ban as they will no longer be able to use the existing benefits to promote contents about crypto assets. This means that Google forbids the publication of crypto advertisements not just on its own website, but on third-party websites as well. Many companies that carry out activities based on cryptocurrency will be affected by this new development. Google’s reasons are based on the fact that a lot of scams occur in the virtual environment as well as to eliminate money laundering, theft of personal information and violation of multiple regulations.
Facebook placed a ban on ICOs and cryptocurrency advertisement on January 30 this year and Google has decided to join the steps already embraced by Facebook by June 2018. Twitter has also experienced scams on its site with fraudsters posing as celebrities and offering free giveaways. Although it hasn’t said anything about a ban yet. We just hope that this move on cryptocurrencies proves to be effective in curbing scams.