Cryptocurrency Ban: Why is Google Blocking Cryptocurrency, Initial Coin Offering Ads?

Cryptocurrency Ban: Why is Google Blocking Cryptocurrency, Initial Coin Offering Ads?

Google' announcement also comes about a month after social media giant Facebook announced similar restrictions for adverts related to "financial products and services that are frequently associated with misleading or deceptive promotional practices", such as binary options, ICOs and cryptocurrencies.

The move follows the lead from Facebook which announced in January that it would no longer accept crypto advertising. During 2017, Google removed over 3.2 billion ads from its site, which is up from 2016 when the amount was 1.7 billion.

On Wednesday morning, Google announced it will begin blocking all advertisements related to cryptocurrencies and related content, including initial coin offerings and exchanges.

These pages published a few days ago, "anecdotal reports of several companies operating in the initial coin offering (ICO) industry, Google is taking steps to restrict the visibility of ICO advertising on its platforms".

A portion of Google's ad policy change banning cryptocurrencies. "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", the company stressed.

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It goes without saying that scammers will try to come up with ways to circumvent Google's bans on such ads. The cull also led to the removal of 320,000 publishers from its network, considered to be exacerbating deceptive content for commercial gain, while almost 90,000 websites and 700,000 apps were also blocked. Then, it removed over 3.2 billion bad ads previous year. Facebook also emphasized in a blog post that it wants users to continue to discover and learn about new products and services through its platform "without fear of scams or deception". The policy will be implemented by June this year.

Cryptocurrencies are known to be notoriously volatile, so some governments are working to clamp down on the digital money.

With Google and Facebook both agreeing that Cryptocurrency advertisments are unsafe, this should ideally eliminate a significant portion of advertising scams surrounding cryptocurrency.

Where it is unlikely that the upcoming ban on cryptocurrency ads would have any serious impact on Google ads sales, the ban would be of great help to unsuspecting and novice investors to protect them from companies who are advertising binary options, ICOs and cryptocurrencies that are not now operating in good faith.

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