Google to ban all cryptocurrency and ICO ads

Google to ban all cryptocurrency and ICO ads

Google to ban all cryptocurrency and ICO ads

Google confirmed to several media outlets that it has updated its policy to reflect similar financial products.

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.

The move was announced today as part of an update to its financial services policy to crack down on unregulated products.

"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", Spencer said. Industry officials also said at a Congressional hearing that USA regulators need to provide greater clarity.

Google's decision comes after Facebook recently banned ads for financial products and services that are frequently associated with deceptive or misleading promotional practices.

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Earlier in the day, Google indicated that it would ban every type of advertisements for cryptocurrencies.

All this purging amounted to the removal of two million pages for policy violations a month in 2017, while after expanding its policy against "dangerous and derogatory" content to cover additional forms of discrimination and intolerance, Google removed ads from 8,700 pages. Facebook banned cryptocurrency ads in January, although some people took advantage of loopholes by misspelling terms (spelling Dogecoin with a zero instead of an O, for example). This means we're able to block the majority of bad ad experiences, like malvertising and phishing scams, before the scams impact people. Google is also honing in on adverts promoting gambling and ads that make a song and dance about health products and schemes that are rather illegitimate. Cryptocurrencies have experienced a boost in consumer interest after digital assets like ethereum, bitcoin and others exploded in value over the past year.

According to a company's blog post, Google removed around 3.2 billion "bad ads" and blocked over 320 thousand publishers, 90 thousand websites, and 700 thousand mobile apps from using its ads network. Another report suggested that Google was "quietly purging cryptocurrency ads" and suspending accounts.

Google said its ban includes cryptocurrency exchanges and wallets.

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