Thursday, 25 April, 2019

Google to ban ads for cryptocurrencies, initial coin offerings in broad crackdown

Google to ban ads for cryptocurrencies, initial coin offerings in broad crackdown Google to ban ads for cryptocurrencies, initial coin offerings in broad crackdown
Russell Knight | 18 March, 2018, 22:39

Crypto enthusiasts look away, Google is going to ban cryptocurrency and its related advertisements soon.

Google says it is moving to bar cryptocurrency advertisements from its platform.

Following in the footsteps of Facebook, the worlds largest search engine and enormous advertising platform has banned all cryptocurrency advertising as of June 2018.

The shift in policy comes alongside the ad giant's annual "bad ads" report which points to over 3.2 billion ads taken down in 2017 for violating Google's advertising policies.

According to Stansfield, the figure shows more than 100 per cent increase from the 2016 figure which stood at 1.7 billion.

The move also reflects a change in stance at Google to dissuade people from posting ads about risky financial ventures. Well-timed cryptocurrency investments have turned some into millionaires, but without federal regulation like the stock market has in place, the crypto market has been subject to a growing number of scams proliferating largely unchecked. The current Bitcoin price, as per Coindesk, is $8100, which is not even half of what it was fetching just three months back.

If the top financial watchdogs in the USA don't come up with clearer guidelines for the cryptocurrency market, innovative startups may go elsewhere, according to one of the most popular digital-token exchanges.

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Facebook at the time described the move as a response to the proliferation of misleading ads for crypto-currencies and similar financial products.

The U.S is one of the harshest countries on cryptocurrency owners, especially because the I.R.S does not see cryptocurrency as the actual currency it is but as property.

According to the official, Page-level enforcement technology allows better protection of advertisers by removing more bad ads from more sites while minimising the impact on legitimate publishers.

Google will be the latest addition to authorities and firms that have mounted a crackdown on cryptocurrencies.

The company further stated that advertisers offering the aforementioned features will be required to be certified by Google before they can advertise through AdWords.

How Google removed the economic incentives for sites to create and spread deceptive content online.

Some of that activity drew skepticism from regulators.

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