Google has announced that it plans to change its advertising rules for financial services, including cracking down on advertising for cryptocurrencies such as Bitcoin, as of June. Cryptocurrencies have been a hot topic for quite some time now, with its regular rise and fall the digital currency coins have managed to steal the stage away.
Google is cracking down on advertisements about cryptocurrencies and related offerings like ICOs in an update to its Financial Services ad policy.
In a move to prevent users from falling prey to cryptocurrency scam ads or investing in dodgy initial coin offers (ICOs), Google said that it will ban cryptocurrency-related content from its AdWords platform from June.
Fraudsters have moved into the cryptocurrency space to defraud internet users, and Google said it took down 3.2 billion adverts violating its advertising policies in 2017, almost double the number it removed in 2016.
Mr. Spencer's blog post also contained information about the number of ads taken down by Google over the course of 2017.
In addition to the cryptocurrency and binary options bans, Google's new restricted financial products policy will also impact ads for contracts for difference, rolling spot foreign exchange trading, and financial spread betting. Google is also honing in on adverts promoting gambling and ads that make a song and dance about health products and schemes that are rather illegitimate. This block came as part of Google's annual "Bad Ads" report and included several other sorts of advertisements that'll be banned in the near future. That's up from 1.7 billion in 2016. As consumer trends evolve, as our methods to protect the open web get better, so do online scams.
Users aiming to purchase Google Ads of any sort will no longer be allowed buys for cryptocurrency or related content.