Google to Ban Crytocurrency Ads
In a big jolt to crypto currency industry, Google has decided to ban all cryptocurrency related advertising from June’18. Considered as a major overhaul, Google is updating its financial services related ad policies to ban any advertising about cryptocurrency-related content, including ICOs, Wallets, Trading advice, etc. This means even legitimate organizations won’t be able to promote their services/ offerings through Google. Google's decision will affect ads displayed both in its search results and YouTube, as well as those placed on third-party sites via its ad platforms. Post this announcement, the value of majority of the cryptos including Bitcoin & Ethereum dropped significantly.
Post announcement Google’s Director of sustainable ads, ‘Scott Spencer’ said that,
“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.”
Looking at the major drop in performance of crypto-currency campaigns, it is believed that Google has already started off-boarding crypto related ads from its platform. The search giant said that it took down more than 3.2 billion ads in 2017 that violated its policies, which is nearly double the 1.7 billion it removed the year before. Google further said that AdWords users would have to be licensed by the relevant regulators in the countries they are targeting and be certified by Google itself.
Google’s hard line is in many ways to similar to the ban advocated by Facebook at start of the current year. Google and Facebook are not the only ones, in-fact cryptocurrency advertisements are also disappearing from many of the Chinese social media sites post China’s ban on crypto currency exchanges.