Google: No More Crypto-related Ads
Less than two months after Facebook took a hard stance against the cryptocurrency industry, banning all adverts that promote financial products and services related to the innovative digital assets, internet technology giant Google announced similar actions in a company statement.
The corporation’s new crypto-advertising prohibitions were introduced by Director of Sustainable Ads, Scott Spencer in an official Google blog post, expressing concerns about the safety of Google users, who might fall victim to fraudulent activity, disguised as ICO contributions or cryptocurrency trading and investing.
Spencer’s publication, titled “An advertising ecosystem that works for everyone”, goes into detail about Google’s efforts to protect users, pointing out the company has been banning “100 bad ads per second” for a total of 3.2 billion in 2017.
The restriction spans across all of Google’s ad platforms, including those which advertise on third-party sites, and targets content, which markets investing in initial coin offerings, e-wallet services, as well as trading advice and activity. In essence, even ventures operating lawfully authorized business activity will be impacted by the new rules, which are expected to come in effect in June 2018.
“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,” Spencer told CNBC.
The main reason for Google’s firm action seems to lay in the mostly unregulated nature of cryptocurrencies and digital assets at the moment, which Google now approaches as “emerging threats” and “unregulated or speculative financial products”, following the increase of scams in the industry itself. The company statement stresses on Google’s dedication to provide a safe and secure ecosystem for advertisers and users, as cryptocurrency show little signs of backing down.