Google, one of the major ad-seller in the digital scenario has decided to ban advertisements that promote cryptocurrencies and Initial Coin Offerings (ICOs) starting from June. Google bans Bitcoin ads and declared this initiative as an attempt to update their policies and utilizing new technologies to provide improved protection to advertisers.
The policy states that ads for aggregators and affiliates will no longer be able to display “cryptocurrencies and related content.” They announced in January, that cryptocurrency ads on the social network, citing concern over “financial products and services frequently associated with misleading or deceptive promotional practices”.
According to a report by Bitcoin, there were as many as 22 separate scams in the first two months of 2018 resulting in losses of $9.1 million a day, which is excluding outliers like Coincheck, Bitconnect, and Bitgrail. If one takes them into account, that number actually rises to $23 million a day. A total of $1.36 billion were stolen in the first 60 days of 2018. This shows us clearly why cryptocurrency is being compared to risky investment ventures that are a perfect platform for scammers and illegal transactions.
Google notes in a separate blog post that the company took down more than 3.2 billion ads in 2017 in violation of its policies. “Improving the ads experience across the web, whether that’s removing harmful ads or intrusive ads, will continue to be a top priority for us,” wrote Scott Spencer, Director of sustainable ads at Google.