Google in its latest policy has banned any cryptocurrency and ICO ads covering exchanges, wallets and trading advice that will get into action in June 2018. The move which is basically to safeguard consumers also includes the ban on crypto related ads for crypto aggregators and affiliates.
Google’s “new restricted financial products policy” bans crypto ads from june
Google has changed its policies and in its “New Restricted Financial Products Policy” mentioned that any ads related to cryptocurrencies and ICO including wallets and exchanges will be banned in June 2018.
In its June policy, Google has mentioned that:
“Ads for the following will no longer be allowed to serve: Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice).”
The page further mentions that “Ads for aggregators and affiliates” for the cryptocurrencies and related content will not be allowed to serve on Google. This means the crypto related promotional material is disabled not only on Google’s website but also on any third party websites that are using its ad products.
This move by Google no doubt will be effective in curbing the scams running in cryptocurrency space but will also affect those companies that are legitimate.
The technology giant has also curbed handful of other financial products as well such as contracts for difference, rolling spot forex, financial spread betting, binary options and synonymous products that are considered high-risk products.
Bad ads, precautionary measure & price dips
According to Scott Spencer, the director of sustainable ads in Google, this is a precautionary move to protect customer’s rights as explained:
“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.”
In its report on bad ads, Google has mentioned that it took down about 3.2 billion ads for violating its advertising policies.
A similar move had been taken earlier this year by Facebook that banned the crypto ads on its platform, citing “misleading or deceptive promotional practices” adopted by the crypto or ICO companies the reason for same.
Currently, the most popular cryptocurrency bitcoin is riding at $8,956 with a loss of about 2.86%. Similarly, other cryptocurrencies are also experiencing red in their prices.
What are your views on Google ban on crypto ads? What do you think will be the effect of this step? Share your thoughts with us!
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.