Recently Google announced that starting from June 2018, it will ban advertisements related to Cryptocurrencies and related content including but not limited to cryptocurrency exchanges, cryptocurrency wallets, initial coin offerings (ICOs) and cryptocurrency trading advice. It means even companies with legitimate cryptocurrency offerings won’t be allowed to serve ads through any of Google Ads Program.
Just few weeks earlier, Facebook followed same move and banned all cryptocurrency related ads across its platform. Currently If you type a word like “Bitcoin” or “Ripple” on Google search, it will show an advertisement with a link to buy the cryptocurrency at the top of search result. But that will no longer be visible as the tech giant has planned to crack down all of those kind of ads.
Bitcoin and other cryptocurrencies are notoriously volatile and governments are also clamping down on the digital tokens. Back in in 2017 the company took down more than 3.2 billion ads in violation of its policies, which is nearly double the 1.7 billion it removed the year before. In June 2018, Google is going to update will update its existing Financial Services Policy to restrict the advertisement of Contracts for Difference, rolling spot forex, and financial spread betting.
“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,” said Scott Spencer, director of sustainable ads at Google.
“Improving the ads experience across the web, whether that’s removing harmful ads or intrusive ads, will continue to be a top priority for us,” Scott also said.
As per new updated policy, ads containing – Contracts for Difference, Rolling spot forex, Financial spread betting, Binary options and synonymous products, Cryptocurrencies and related content will no longer be shown up.
Though Google states that Advertisers offering Contracts for Difference, rolling spot forex, and financial spread betting will be required to be certified by Google before they can advertise through AdWords. Certification is only available in certain countries by the relevant financial services authority in the country or countries they are targeting. Also Advertisers can request certification with Google starting March 2018 when the application form is published.
What do you think after reading this article ? let us know your thoughts.