Google plans to ban cryptocurrency ads

15 March, 2018, 01:33 | Author: Terri Saunders
  • Google Ban Cryptocurrency Ads

Google's ban will cover Google's Ad Words advertising products and YouTube, blocking adverts on cryptocurrencies including so-called initial coin offerings (ICOs).

Facebook justified the decision by saying it was protecting its users from deceptive and misleading cryptocurrency promotions hiding as ads. "This year, we updated several policies to address ads in unregulated or speculative financial products", said Google director sustainable ads Scott Spencer.

The search giant Google is also imposing a ban on ads for financial products including binary options, a risky contract with an all-or-nothing in reward. Because come June, those ads will no longer be welcome on Google sites, nor those of third-party websites that advertise through Google. Since the parent company Alphabet's 84% of the total income depends on ad revenues, Google appears to be ultra careful about the means. The price of bitcoin is down about 6 percent since the Wall Street Journal first reported the new policy early Wednesday morning.

The bitcoin mania which has erupted previous year, has attracted many con-artists and bad actors who used online advertising to generate revenue.

As of March 13th, however, Google published "Financial Services: New restricted financial products policy (June 2018), announcing it "will update the Financial service's policy to restrict the advertisement of" cryptocurrencies and related content".

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Google's move to purge virtual currency ads comes just days after the US Securities and Exchange Commission warned that traders should only buy and sell cryptocurrencies on exchanges registered with the financial regulator.

We're constantly updating our policies as we see new threats emerge.

In that same breath, 2 million web pages were removed each month due to policy violations, and 8,700 pages had their Google Ads taken away after Google expanded its online advertising policy last April. It blocked 79m ads for automatically sending people to malware-laden sites and removed 400,000 of these unsafe sites. "As consumer trends evolve, as our methods to protect the open web get better, so do online scams".

In 2017, Google said it removed 320,000 bad publishers from its ad network, and blocked 90,000 websites and 700,000 mobile apps for policy violations.

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.

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