Ads for all cryptocurrencies and cryptocurrency affiliates will be banned from Google AdWords program from June 2018.
Google’s move to ban cryptocurrency advertising follows a similar ban by Facebook earlier this year, and recent warning from IMF Chief, Christine Lagarde. While the brief post by Google relates to part of a ‘responsibility’ drive toward other sectors of the financial world, mostly high risk transactions, it seems that Bitcoin and its associates are most likely to feel the pinch
The move follows a similar policy change at Facebook in January, who gave more clarity behind their reasoning than Google has, claiming that many firms and individuals in the sector were guilty of deliberately acting in bad faith.
According to the post: “In June 2018 Google will update the Financial services policy to restrict the advertisement of Contracts for Difference, rolling spot forex, and financial spread betting”. In addition, ads for the following will no longer be allowed to serve:
- Binary options and synonymous products
- Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)”
The company’s decision will also affect adverts displayed both in its search results and YouTube, as well as those placed on third-party sites via its ad platforms.
Rumors that crypto related ad words had begun to see a drop-off in prominence before the announcement was made have been denied by Google, who insist that they have made no changes to their advertising algorithms at this time.
The move will affect even cryptocurrency exchanges in places like Japan that are government regulated.
Google has also said it will tighten its rules for ads relating to other financial products including spread betting and contracts-for-difference – in which sellers promise to provide compensation for an asset’s gain in value over a set period of time, and buyers to cover a loss.