In January, Facebook announced that it would be cracking down on cryptocurrency related advertisements on its platform after a flurry of scams began doing the rounds. Cryptocurrencies have been a hot topic for quite some time now, with its regular rise and fall the digital currency coins have managed to steal the stage away.
Google introduced new technology a year ago that allows it remove Google ads from pages rather than a whole site, a move that has seen it penalise more than 2 million web URLs every month.
Google will ban advertisements promoting cryptocurrencies and initial coin offerings from June. Google, in its trust and safety ads report, has said that it took down more than 3.2 Bn ads in 2017 that violated its policies, which is almost double the 1.7 Bn number it removed the year before.
Aside banning cryptocurrency and ICOs ads, Google LLC is also cramping ads for financial products which include binary options - a risky derivative with an all-or-nothing payoff.
"We're constantly updating our policies as we see new threats emerge", Spencer wrote in the blog.
Google is banning ads for cryptocurrencies and binary options from June.
YouTube chief executive Susan Wojcicki also said yesterday that YouTube was limiting the number of hours its content moderators would look at disturbing videos to four hours per day, due to the strain disturbing and violent content was having on their mental health, according to The Verge.
The move affects all of Google's ad products, meaning companies will not be able to serve crypto-related ads on the search engine giant's own sites, as well as third-party sites in its network.
Advertisers offering Contracts for Difference, rolling spot forex, and financial spread betting will be required to be certified by Google before they can advertise through AdWords. In 2017, Google took in over $95.4 billion in revenue from advertising, which was an increase from its 2016 revenue by over 20%. As consumer trends evolve, as our methods to protect the open web get better, so do online scams.
Google will use the same technology to ban cryptocurrency advertising as it uses against the promotion of counterfeit items or sexually explicit content.