Earlier in the day, Google indicated that it would ban every type of advertisements for cryptocurrencies. 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-and other advertising platforms-banning cryptocurrency ads is one step toward offering vulnerable consumers extra protection against such scams.
Google introduced new technology past year that allows it remove Google ads from pages rather than a whole site, a move that has seen it penalise more than 2 million web URLs every month. Google confirmed its plans in its latest "bad ads" report, where it revealed that over the course of 2017, it took down 3.2 billion advertisements that violated its policies.
It's unclear what long-term impact the moves by Google and Facebook-by far the two largest advertising platforms on the Internet-will have on the crypto-currency market.
Last year, Google also reported that 17 million of all ads removed in 2016 were ones that promoted gambling-related services and products.
Separately, the ban applies to such risky financial products as binary options, which are a virtual cryptocurrency derivative yielding an all-or-nothing payoff.
Google has not explained in details the reasons of its ban, but the new policy comes simultaneously with US regulators' effort at both state and federal levels in cracking down ICOs that appear dubious in the government's view. The search engine giant's director of sustainable ads, Scott Spencer indicated in his blog, "We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs)".
Last year's bad ad total was 1.7bn which, presumably, means that Google is doing more or the scammers are getting worse. Once June rolls around, advertisers will have to be certified by Google to serve ads through AdWords.