Bitcoin stumbles as Google plans to ban all cryptocurrency related ads

Jon Howard
March 15, 2018

Cryptocurrencies have been a hot topic for quite some time now, with its regular rise and fall the digital currency coins have managed to steal the stage away.

The ban will enter into effect across all of Google's advertising network, including ads shown in search results, on third-party websites, and YouTube. The company will also begin blocking some gambling ads, such as those for services using virtual items worth real-world money, known as skins betting, as it seeks to "combat new threats and improve the ads experience online".

Google LLC updated its policy to ban cryptocurrency related ads by June.

Google said on Wednesday it will ban advertisements for cryptocurrencies and related content starting in June. In 2017, Google took down more than 3.2 billion ads that violated its ad policies-or roughly 100 bad ads per second, Spencer said.

Giant social media and Google's primary rival for ad dollars, Facebook Inc., took a similar step in January 30, leaving the two largest web-ad sellers out of reach of the cryptocurrency sector. The products include cryptocurrencies and related content like cryptocurrency exchanges, cryptocurrency trading advice, and initial coin offerings, as well as binary options. Industry officials also said at a Congressional hearing that US regulators need to provide greater clarity.

LONDON - Google plans to ban all cryptocurrencies and binary options adverts, and is cracking down on ads for other speculative financial instruments.

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Google added that they are constantly updating their policies as "threats emerge".

"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception", the Facebook statement read.

Last year, Google generated $95.4 billion in ad revenue, up 20% from 2016.

Do you think Google made the right call banning all cryptocurrency adverts?

The tech giant said that its decision was urged by the growing instances of consumers becoming victims of "online scams".

The certification process is open now, but Google notes that any company wishing to be successful will need to be licensed by the relevant financial services authority in the country or countries they are targeting, as well as ensuring they comply with relevant legal requirements.

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