Google LLC Plans To Place Ban On Cryptocurrency, ICOs Ads By June

Google headquarters in Mountain View California

"There are many companies who are advertising binary options, ICOs and cryptocurrencies that are not now operating in good faith", said Facebook Product Management Director Rob Leathern earlier this year.

Google's ban on cryptocurrency ads comes on the heels of a similar action taken by Facebook earlier this year.

"In 2017, we took down more than 3.2 billion ads that violated our advertising policies". While Google's last Financial Services Policy had nowhere mentioned Bitcoin, cryptocurrency or any other related topics; however, the newly released restricted financial products policy restricts the advertisement of Contracts for Difference, rolling spot forex and financial spread betting and cryptocurrency-related product ads. "This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram".

In June of 2018, these new rules will come into effect and all ads related to cryptocurrencies will cease to be supported by Google's Adsense program. Google says it will anticipate workarounds like this in its own implementation of a wider ban against cryptocurrency ads. "And, we removed 66 million "trick-to-click" ads as well as 48 million ads that were attempting to get users to install unwanted software".

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In addition, 320,000 publishers were removed from its ad network and 90,000 websites and 700,000 mobile apps blacklisted, the search engine and online advertising company reported Wednesday.

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. More than 3.2 billion ads were removed a year ago, an average rate of 100 per second. Presently, Google queries for keywords like "buy bitcoin" and "binary options" produce 4 ads at the top of the results. As per its upcoming financial services policy, it will prohibit advertisements promoting any kind of cryptocurrencies.

Aside from scams, governments are also beginning to step in with plans to regulate cryptocurrency over fears that it is being used to fund criminal activity.

She said that Google pulled out the bad ads with the aid of policies, technology and people. "But such policies to blanket ban certain products will have an adverse impact on its adoption as well", Mishra told IANS.

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