Google Won’t be Showing Crypto Ads Anymore This June Onwards

In the recent days, tech giant Google has been seen taking several measures in order to minimize crypto-related advertisements appearing on its platform, after it discovered a few advertisements which turned out to be fraudulent luring people through attractive proposals.

While going a step further, Google's director of sustainable ads, Scott Spencer, told CNBC that the company has now decided to completely ban advertisements of any crypto-related content on its platform that includes wallets, trading advice and Initial coin Offerings (ICOs). Google has already updated its Financial Services Ad Policy, which shows that the ban will not come into effect on an immediate basis but June 18 onwards.

This decision of Google will certainly affect also those legitimate cryptocurrency services who won’t be allowed to feature on any of Google’s ad products. Google’s new policy for financial products clearly states that no advertisements for “cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice),” will be accepted.

While commenting on this decision, Scott said: "We don't have a crystal ball to know where the future is going to go with cryptocurrencies, but we've seen enough consumer harm or potential for consumer harm that it's an area that we want to approach with extreme caution.”

Google is said to have already removed 3.2 billion ads last year which were seen violating its policies. Google’s advertisements contribute a whopping 84 percent of its revenues on yearly basis and hence the company needs to make sure that its advertising platform is absolutely safe and effective.

In this growing crypto craze, there has been a mad rush of investors who are seen participating in anything and everything related to blockchain and digital currencies. Moreover, as cryptos are completely decentralized without any interference of the government agencies it becomes increasingly difficult to track fraudulent schemes appearing under the tag of blockchain and cryptocurrencies.

The word of cryptocurrencies has already spread like a wild fire and even regulatory bodies from countries and seen flexing their muscles to make sure that gullible investors don’t become a prey to such schemes.

Apart from Google, social media giant Facebook also announced that it will no longer allow advertisements that are used to promote cryptocurrencies on its platforms. The company made the decision as part of its plan to discourage and stop people from posting ads that contain financial products and services that are often fraudulent, misleading and deceptive.