Google will try to "treat emerging threats" and ban all cryptocurrency advertising, including Bitcoin and Initial Coin Products (ICO).
The ban will come into force in June as part of the restrictions on unregulated financial products. Scott Spencer, Google’s director of sustainable advertising, said in a blog post: “We have updated several policies that target unregulated or speculative options such as binary options, cryptocurrencies, foreign exchange markets, and CFDs (or CFDs). Financial products deal with advertising."
Google said its ban includes cryptocurrency exchanges and wallets. The company will also begin to block some gambling ads, such as those that use virtual goods, which are referred to as "combat new threats and improve online advertising experience."
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This move is similar to the ban imposed by advertising rival Facebook, which banned all cryptocurrency and ICO advertising after it was discovered that many were used to defraud potential investors.
"As consumer trends develop, our approach to protecting open networks is getting better and better, and there are more and more Internet frauds," Scott said. "Improving the advertising experience of the entire network, whether it is eliminating harmful or intrusive advertising, will continue to be our top priority."
According to the data, cryptocurrencies such as Bitcoin and its Ethernet brothers and sisters have rapidly gained popularity in the past few years, pushing the value of each bitcoin in 2017 to a rapid growth of less than US$20,000. According to the data, Bitcoin’s transaction volume at the time of release was approximately USD 8,800 from Bitstamp.
Cryptocurrency trading attracts fraud artists because it is not regulated, and ICOs are used to generate millions of dollars that can disappear along with their operators and allow investors to pay for them.
Google said it had removed more than 3.2 billion ads that violated its policies in 2017, preventing what it calls "most bad advertising experiences," including malicious ads and phishing scams.
Google’s parent company, Alphabet, accounts for approximately 85% of its advertising revenue. It is estimated that 2018 advertising revenue will exceed 40 billion U.S. dollars, which is almost half of the world’s 94 billion U.S. dollars market, and Facebook, which has a profit of 22 billion U.S. dollars, is ranked second.
At the same time, the British-based cryptocurrency exchange Coinbase became the first bank account to join with a large bank, obtain an e-currency license issued by the Financial Conduct Authority, and open a bank account at Barclays Bank to facilitate expedited payments.
Bradley Rice, a senior supervisory attorney at Ashurst, a law firm, said: "This move will enable users to gain an understanding of the comfort of transactions and stricter legal requirements for the separation of financial crimes and client funds. This is only good news."
