Cryptocurrency Ads Banned by Google Effective June 2018
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Google bans all cryptocurrency ads and other related advertisements, such as cryptocurrency content, initial coin offerings (ICOs), wallets, and trading advice following Facebook’s similar ban early this year because, according to Facebook, all cryptocurrency-related ads are frequently associated with misleading or deceptive promotional practices. Their aim is to make their online advertising platforms safer.
Google is not the only advertising company to ban cryptocurrency ads. Facebook banned crypto ads. “This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook,” said Rob Leathern, Facebook’s Product Management Director.
Twitter Inc. is attempting to stop cryptocurrency-related scams spreading on its platform by joining Facebook and Google to eliminate harmful content.
Twitter is aware of cryptocurrency-related content that manipulates users into investment scam through its platform and is implementing measures to “prevent these types of accounts from engaging with others in a deceptive manner.”
Cracking Down On Legitimate Companies Advertising Cryptocurrency Ads
The ban applies to all advertisers including companies with legitimate cryptocurrency offerings.
This policy, according to Scott Spencer, Google’s Director of Sustainable Ads, will take effect in June 2018.
Google is updating their Financial Services Policy to restrict the advertisement of Contracts for Difference, rolling spot forex, and financial spread betting.
Ads for the following will no longer be allowed to serve: Binary options and synonymous products; Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice).
Ads for aggregators and affiliates for the following will no longer be allowed to serve: Contracts for Difference; Rolling spot forex; Financial spread betting; Binary options and synonymous products; Cryptocurrencies and related content.
“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.
Cryptocurrency has created instant wealth, and because it’s still unregulated it has caused a number of high-profile scams worldwide.
Despite the increasing popularity of cryptocurrencies, dangerous advertisements managed by scammers around the world are holding the currency back. In addition, experts in technologies believe that blockchain technology enabling its operations online may not be as secure as previously thought. These are issues that need to be fixed by technologists and the governments worldwide.
In 2017, Google took down about 3.5 billion ads that violated its ad policies.
In 2016, Google took down about 2 billion ads due to the same issue. This is the reason why Google is taking another step in 2018 to control the proliferation of scam incidents among individual investors across the world.
Alphabet, Google’s parent company, makes about 85 percent of its total sales revenues from advertising, so maintaining their reputation is crucial to the company.