Cryptocurrency related financial products are going through a rough phase of regulatory scrutiny from institutions like SEC, IRS, RBI, among others. While there’s a huge debate around regulating these cryptocurrencies, a new conversation about advertisements of these cryptos is emerging. In a new revelation, Google will now ban all online advertisements promoting cryptocurrencies and ICOs from June, according to a report by Bloomberg.
The tech giant, on Wednesday, announced updating its adverts policy which clearly states that it’ll ban all ads on “cryptocurrencies and related content.” Google is also restricting financial products that include binary options, a derivative for all or nothing payoff. Currently, Google queries for phrases like “binary options” and “Buy Bitcoin” show 4 ads on top of the page, stated Bloomberg.
This comes in just months after Facebook announced to ban all ICO and crypto advertisements. While many believed that this was an unforced decision to eradicate the scam schemes, there have been reports stating that FBI pressured Facebook to ban crypto-related ads. The reports published a few days back state that the federal authorities were also pressuring Google to do the same.
This looks like an addition to the Google’s updated “Bad Ads” policy. The company claims to have removed over 3.2 billion adverts from the web last year that’s almost double of what it banned in 2016. The internet behemoth further suspended 7,000 customer accounts that impersonated a news article (tabloid cloaking) and blocked more than 12,000 websites for copying content from other publications.
When Facebook banned its ads, some users found a loophole and started misspelling “Bitcoin” like terms to run the adverts. Google in its announcement further added that it’ll be working around these issues.
It’s unlikely that the 3.2 billion ads that Google removed last year will actually have an impact on its advertising revenue. Last year they generated over $95 billion in revenue which is an increase of 20 percent from 2016.