Thursday, 26 April, 2018

Google to ban cryptocurrency and related advertisements

Bitcoin the largest cryptocurrency by market value pared an advance of about 2% after Google’s announcement Bitcoin the largest cryptocurrency by market value pared an advance of about 2% after Google’s announcement
Heather Davidson | 15 March, 2018, 05:47

Google has finally confirmed that as of June 2018, it will restrict the use of its AdWords platform to advertise cryptocurrency-related products and services.

This will be valid for all promotional campaigns for initial coin offerings, Bitcoin exchanges, digital wallets to store the assets as well as trading advice.

Facebook at the time described the move as a response to the proliferation of misleading ads for crypto-currencies and similar financial products.

The company removed thousands of bad ads and websites from its advertising network past year as it improved the technology it uses to police its system. Facebook has emphasized many firms in the sector were not acting in good faith. They would intentionally misspell words like "bitcoin" in their ads just so they could continue luring more people to their sites.

Google also said it will toughen rules for ads relating to other financial products. 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)".

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 updated policy from Google was made available with its release of the annual "bad ads" report, which reviews the number of deceptive, malicious as well as controversial ads that Google eliminates from its massive display, search and video network. "We've had long-standing policies prohibiting AdSense publishers from running ads on sites with dishonest content". The company also says that it blocked almost 90,000 websites and 700,000 mobile apps "for policy violations". It's not predicted that the 3.2 ads pulled in 2017, or the coming cryptocurrency ban, will have a serious effect on sales. In 2017, Google took in over $95.4 billion in revenue from advertising, which was an increase from its 2016 revenue by over 20%. Advertisers will be able to apply for certification (which must be done in each country that they operate) later this month.

Aside from scams, governments are also beginning to step in with plans to regulate cryptocurrency over fears that it is being used to fund criminal activity.

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