Published: Thu, March 15, 2018
Markets | By Rosalie Gross

Google to ban Bitcoin, other cryptocurrencies advertisements from June

Google to ban Bitcoin, other cryptocurrencies advertisements from June

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.

Google is banning ads related to cryptocurrency from its vast advertising network, effective in June.

"Many website owners use our advertising platforms, like AdSense, to run Google ads on their sites and content and make money", Spencer continued.

In Google's yearly trust and safety advertising report, the company said it took down 3.2 billion ads past year that it found to be in violation of its policies, a jump from the 1.7 billion it took down in 2016.

The company said the ban applies to all cryptocurrencies "including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets and cryptocurrency trading advice". The company also pointed to constant updating of its policy.

Google said the ban will include unregulated and speculative products like binary options, cryptocurrency and financial spread betting among others.

After June, organizations that want to advertise these services will need to get certified by Google first and the certification itself will only be available in select countries, according to Google.

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"After launching an expanded policy in April 2017 to cover forms of discrimination and intolerance beyond hate speech protections, we removed Google ads from 8,700 pages", it said.

In addition, advertisements for the binary options and synonymous products, cryptocurrencies and related content will also be no longer be allowed.

While Google's last Financial Services Policy had nowhere mentioned Bitcoin, cryptocurrency or any other related topics; however, the newly released restricted financial products policy restricts the advertisement of Contracts for Difference, rolling spot forex and financial spread betting and cryptocurrency-related product ads.

Last year's bad ad total was 1.7bn which, presumably, means that Google is doing more or the scammers are getting worse.

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

The cryptocurrency woes continue: late Tuesday evening (March 13), Google's parent company Alphabet (NASDAQ:GOOGL) issued a company statement advising that it will be banning any cryptocurrency-related advertising.

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