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Google announces to ban all cryptocurrency-related advertisements

Mar 15, 2018 Posted /  4513 Views

Google announces to ban all cryptocurrency-related advertisements

It is official that Google is unwaveringly going to crack down on cryptocurrency related advertisements. Similar to the Facebook decision for taking down cryptocurrency advertisements, Google is too planning to update its financial services related ad policies. Google director of sustainable advertisements, Scott Spencer, told CNBC in an interview that they are premeditating about ad policies to ban all cryptocurrency related content including Initial coin Offerings, wallets, and trading advice.

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Now this means that even those companies that have legitimate cryptocurrency offerings will also not be permitted for any ad space on any of Google's ad products. Currently Google holds much of the web advertising space, which includes its own sites and an enormous number of third-party websites as well.

According to a company’s post, this notification will go 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," Scott said.

It can be said that Google is following the Facebook approach and despite the cryptocurrency boom in the world, there is still a large section of the population who is not ready to adopt the currency. Countries and regulators across the globe have blamed cryptocurrencies for spawning countless scams.

The new update was found a reference in Google's annual release of "trust and safety" ads report. According to the report, Google has taken down more than 3.2 billion ads in 2017 that violated its ad policies, and it accounts for double the ads it removed the year before (1.7 billion).  Reportedly, the parent company of Google- Alphabet makes approximately 84% of its entire revenue from advertising. It has vowed to make its ecosystem safe and effective.

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Tags: advertisements Google cryptocurrency

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