Fighting 'bad ads,' Google targets cryptocurrency advertisements


Google-and other advertising platforms-banning cryptocurrency ads is one step toward offering vulnerable consumers extra protection against such scams.

The $809 Bn company (Alphabet) has brought a new restricted financial products policy that will go into effect from June 2018 onwards.

Google is cracking down on advertisements about cryptocurrencies and related offerings like ICOs in an update to its Financial Services ad policy.

The company also said ads for aggregators and affiliates for the following will no longer be allowed to serve: Contracts for difference, rolling spot forex, financial spread betting, binary options and synonymous products, cryptocurrencies and related content.

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Google is not the first big company to ban ads on financial products. Industry officials also said at a Congressional hearing that USA regulators need to provide greater clarity. In Janury, Facebook banned all ads promoting cryptocurrencies and ICOs as these ads are "frequently associated with misleading or deceptive promotional practices".

In Google's yearly trust and safety advertising report, the company said it took down 3.2 billion ads previous year that it found to be in violation of its policies, a jump from the 1.7 billion it took down in 2016.

Encouraged by country leaders and banks, major advertising companies have been banning cryptocurrency related-ads on their platform due to the uncertainty surrounding scams and illicit activities using crypto.

Prices for nearly all cryptocurrencies fell across the board today after Google's announcement, and most coins continued to lose value.

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Bitcoin and other cryptocurrencies are notoriously volatile and governments are also clamping down on the digital tokens to thwart its expansion.

Even with Google's new programs, it may be impossible to entirely stop marketers who want to game the Google ad system. Like this way, Google team has chose to block the cryptocurrency ads from June.

Last year, Google also reported that 17 million of all ads removed in 2016 were ones that promoted gambling-related services and products.

The company removed thousands of bad ads and websites from its advertising network a year ago as it improved the technology it uses to police its system.

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