Google Bans Bitcoin Advertisements in Policy Change

Google Bans Bitcoin Advertisements in Policy Change

Right now, Google queries for terms like "binary options" and "buy bitcoin" produce four ads at the top of the results, reports Bloomberg.

Last month, Jason Roy, senior investigator for the Manitoba Securities Commission in Canada, praised Facebook's decision to ban cryptocurrency advertising, and indicated that it has implored Google to adopt a similar policy.

Search giant Google has said it will change its financial product policy in June this year, a move that will see advertisements related to cryptocurrency effectively banned.

The new policies, which come into force in June, ban adverts for binary options and "cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)". The new restriction would apply to both space on Google's platforms, like YouTube, and to third-party websites where Google sells advertising space.

On the publisher side, Google said it removed 320,000 bad publishers from its ad network, part of its strategy to "remove the economic incentives for sites to create and spread deceptive content online". Business Insider reported past year on the proliferation of "pump and dump" scams in the market, while sham ICO projects have become commonplace.

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Suspended 7,000 users of Google's AdWords ad-placement service for scams like diet pill sales and weight-loss programs reached by misleading ads that look like eye-catching news headlines. Providers typically offer leverage - borrowed money to invest with - of up to 50:1.

The UK's top regulator the Financial Conduct Authority (FCA) released figures pointing towards a loss of £87,410 per day to binary options scams a year ago.

It's unlikely that the 3.2 billion ads pulled in 2017, nor the coming cryptocurrency ban, will have a serious impact on sales.

Online ads enable all sorts of free services online, including search and social networks and the article you're reading now, but Google is working harder than ever to keep the bad ones at bay. These websites earn a fee for referring new customers to these products but are lightly regulated.

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