- Google LLC updated its policy to ban cryptocurrency related ads by June.
- This decision follows the release of its annual “bad ads” report.
Google LLC: Alphabet Inc.’s Google LLC plans to ban online ads that promote cryptocurrencies and initial coin offerings starting from June. This will lead to a broader crackdown on the cryptocurrency market.
This decision by Google LLC, the internet-search giant, was announced on Wednesday night in an update to its policy, the update states that Google will begin blocking ads for “cryptocurrencies and related content” come June. Giant social media and Google’s primary rival for ad dollars, Facebook Inc., took a similar step in Jan. 30, leaving the two largest web-ad sellers out of reach of the cryptocurrency sector.
Following this announcement, Bitcoin, the largest digital currency by market value, pared an advance of about 2%, trading at $9,099, 1:04 pm Hong Kong time. Ether and Ripple also pared gains.
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. Presently, Google queries for keywords like “buy bitcoin” and “binary options” produce 4 ads at the top of the results.
Facebook Inc., banned crypto related ads in January. However, some aggressive businesses have found a way of bypassing the ban: purposely misspelling words like “bitcoin” in their ads. But a Google spokeswoman said the Google’s policies will try to anticipate workarounds like this.
Google’s policy update followed the release of its annual “bad ads” report – a review of the number of controversial, deceptive and malicious ads Google deletes from its massive search, display and video network. Google LLC said it removed more than 3.2 billion ads from the web in 2017 of which 79 million ads were scrubbed for luring online clickers to websites with malware. Google is also accelerating a push against misleading content. Google suspended about 7,000 customer accounts for ads that impersonated a news article – what Google calls “tabloid cloaking” – and blocked more than 12,000 websites for plagiarizing.
Where it is unlikely that the upcoming ban on cryptocurrency ads would have any serious impact on Google ads sales, the ban would be of great help to unsuspecting and novice investors to protect them from companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.
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