A bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017.
Google didn't offer a specific reason for its ban on cryptocurrency advertising, but I would assume that its reasons are similar to Facebook and Twitter. In 2017, Google said it removed more than 3.2 billion advertisements from the web.
The updates are created to protect users from "ads in unregulated or speculative financial products", Google's director of sustainable ads Scott Spencer said in a March 14 blog. Google has announced today that it's not going to allow advertisements promotion initial coin offerings or cryptocurrencies starting this June. Google's policies will try to take precautions around tactics like this, the company said.
Google's ban would affect adverts on YouTube, which has become a haven of cryptocurrency news and advice. The cull also led to the removal of 320,000 publishers from its network, considered to be exacerbating deceptive content for commercial gain, while almost 90,000 websites and 700,000 apps were also blocked.
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She said that Google pulled out the bad ads with the aid of policies, technology and people. In 2017, the company removed 320,000 "bad publishers" from its ad network, up from 100,000 in 2016. Presently, Google queries for keywords like "buy bitcoin" and "binary options" produce 4 ads at the top of the results. Mark Zuckerberg's social network banned cryptocurrency ads in January, saying such type of content is "frequently associated with misleading or deceptive promotional practices".
The power is used to mine cryptocurrency - a digital form of money that has no government or central-bank printing it or standing behind it.
Online-advertising platforms are taking a hard line against cryptocurrencies like bitcoin. Facebook also emphasized in a blog post that it wants users to continue to discover and learn about new products and services through its platform "without fear of scams or deception". "This policy will apply globally to all accounts that advertise these financial products".
Users would also have to "comply with relevant legal requirements, including those related to complex speculative financial products".