Google Joins Facebook, Shuts Down Ads for Cryptocurrencies

15 March, 2018, 05:49 | Author: Barbara Daniel
  • Ads On Cryptocurrency, ICOs, Exchanges, Wallets Banned By Google

It has also banned ads for other risky financial products so aggregators and affiliates will no longer be able to push such ads through Google.

In a separate blog post, Google said it took down 3.2 billion ads that violated its advertising policies in 2017, almost double the number of ads it removed in 2016. Google LLC said it removed more than 3.2 billion ads from the web in 2017 of which 79 million ads were scrubbed for luring online clickers to websites with malware.

Google's Director of Sustainable Ads - Scott Spencer, in his latest blog post, has announced major changes to their Ad Policy pertaining to Finance related services.

The company is updating its financial services ad policy to ban ads related to cryptocurrency products and services like initial coin offerings, exchanges, wallets and trading advice. "This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram".

The move follows a similar ban by Facebook in January. "And, we removed 66 million "trick-to-click" ads as well as 48 million ads that were attempting to get users to install unwanted software", the company stressed.

GOOGLE IS GETTING GRUMPY about cryptocurrencies and will ban adverts about them come June.

The company also said it reviewed more than 11,000 sites for suspected violations of its policies on misrepresenting content; more than half were blocked, and 90 publishers had their accounts closed. More than 3.2 billion ads were removed past year, an average rate of 100 per second. Crypto-jacking, where malicious code is hidden on websites or in ads to take control of the processing power of a computer to mine crypto, is growing exponentially.

With Google and Facebook both agreeing that Cryptocurrency advertisments are unsafe, this should ideally eliminate a significant portion of advertising scams surrounding cryptocurrency.

The power is used to mine cryptocurrency - a digital form of money that has no government or central-bank printing it or standing behind it. Even if a company is known to be on the up-and-up, it will not be allowed to advertise cryptocurrency trading services or products via Google. The policy will be implemented by June this year.

Users would also have to "comply with relevant legal requirements, including those related to complex speculative financial products".

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