And here comes the move of which everyone was afraid from quite some time – Google is indeed banning all cryptocurrency related advertisements on its ad platforms from June. The move has been announced as part of a policy change and now there will not be any major platform for cryptocurrency advertisements, as Facebook had already banned the crypto adverts earlier this year.
The move is a part of company’s updated Adwords Financial Services Advertisement Policy. The new policy introduces curbs on advertisement of contracts for differences (CFDs), rolling spot forex and financial spread betting, all of which are high risk financial products meant only for professional investors. But the curbs don’t end with those products alone – their coverage extends to cryptocurrencies as well. The updated and ‘restricted financial products policy’ of company goes on to say that the ban also extends to:
“Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice).”
Google is also banning the advertisements of these products on all the websites that use its ad platforms. The company said that aggregator and affiliate sites using its ads will also have to comply with the financial services policy. In a nutshell, this move will ban crypto advertising not just in Google’s own search results but also on 3rd party websites that use Google ads. And while it’s aimed at stamping out scams, it will certainly hit legitimate cryptocurrency companies as well.
Speaking about the development to CNBC company’s director of sustainable ads Mr. Scott Spencer 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.”
The move comes soon after account suspensions and ad terminations for cryptocurrency and blockchain related products. It’s also in contrast of what company had told to Canadian regulator, but what can be done now when all has been said and done. If Google has decided to ban crypto ads, it certainly will. It has already done that actually. The time till June is nothing in this case because we’ve already seen a considerable drop in the views of cryptocurrency related ads. So we can think of this ban as ‘already implemented’.