Google to Ban Crypto-Related Advertising in June
Google has announced that it will follow in the footsteps of Facebook by implementing a ban on cryptocurrency-related advertising starting in June. This decision will impact ads for initial coin offerings (ICOs), wallets, and trading advice across all Google platforms, including third-party sites where Google places ads.
Rationale Behind the Ban
The move comes as a response to the growing concern over the lack of regulation and consumer protections in the cryptocurrency space. While virtual currency speculation has led to a boom in the sector, it has also attracted fraudulent activities and cybercriminals looking to exploit the lack of oversight. Cryptocurrencies like Bitcoin and Monero have been at the center of various scams and fraudulent schemes, making them a high-risk area for consumers.
Scott Spencer, Google’s director of sustainable ads, highlighted the need to protect consumers from potential harm: “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.”
Google’s Ad Policies Update
The ban on cryptocurrency-related advertising is part of Google’s broader update to its financial services-related ad policies. As a company that generates the majority of its revenue from advertising, Google has a history of enforcing strict ad policies. In 2017 alone, Google removed over 3.2 billion ads for violating its guidelines, nearly double the number removed in 2016.
Following Facebook’s Lead
Facebook made a similar decision earlier to ban ads promoting financial products and services associated with misleading or deceptive practices, including binary options, ICOs, and cryptocurrencies. The enforcement of this ban extends across all of Facebook’s platforms, including Instagram and Audience Metrics.
Overall, the crackdown on cryptocurrency-related advertising by major tech companies underscores the need for greater regulation and consumer protection in the rapidly evolving digital currency space.