Google announced the ban in a blogpost stating: “Ads for the following will no longer be allowed to serve … Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.”
Both Google and Facebook have recently revealed their interest in cryptocurrencies and their underlying blockchain technology, leading to speculation that the advert ban is not solely motivated by a desire to confront criminality.
“I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices,” Phillip Nunn, CEO of Manchester-based investment firm Blackmore Group, told The Independent.
“I suspect the ban has been implemented to fit in with potential plans to introduce their own cryptocurrency to the market in the near future and therefore removing other crypto adverts allows them to do it on their own terms.”
In May, Google reportedly approached the founder of ethereum – the world’s second most valuable cryptocurrency in terms of market capitalisation – in the hope of potentially securing his services.
A Google spokesperson declined to comment on either the ban or speculation surrounding its cryptocurrency and blockchain ambitions, however a spokesperson told Business Insider in March that it was looking into the technology.
“Like many new technologies, we have individuals in various teams exploring potential use of blockchain, but it’s too early for us to speculate about any possible uses or plans,” the spokesperson said.
Facebook also hinted at its blockchain ambitions in May, as it announced the biggest management reshuffle in its history.
The new policy comes into effect this month, following similar bans from Facebook and Twitter.
