Google has announced that they will be banning ads which promote cryptocurrencies starting this June, in order to clean up unregulated financial products advertisements on their search platform.
For advertisers of cryptocurrencies, this shouldn’t really be a shock as Facebook did the same thing in January when they blocked all crypto related ads from their platform.
The new change by Google came in an update in its advertising policy. The new ban will apply to ads that promote cryptocurrencies/exchanges, as well as initial coin offerings (ICO’s), which allow a company to raise money by selling virtual currency.
In addition to cryptocurrencies, Google has said that they would also be banning ads for high risk financial products, like binary options.
Facebook did this years ago, so not sure why Google is doing this ban all of a sudden, but I guess since their doing one on crpyto products now, they threw binary options in that basket as well.
The biggest push for this new ban comes from big advertisement companies who have been demanding that Google and Facebook do more to remove risky products from their platforms.
Which makes perfect sense, as in 2017, Google and Facebook accounted for more than 60% of spending on digital advertising.
Another reason that Google is heading the cryptocurrency ban direction could be due to US Securities and Exchange Commission who said that traders should only buy and sell cryptocurrencies with exchanged that are registered with them.
The problem is that digital currencies aren’t regulated by any central bank or government entity, yet.