Starting June 2018, cryptocurrency-related ads will no longer be allowed on Google or any third-party sites in its network.
The search giant Google is updating its Financial services policy. A move that will ban all advertising for “Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)”, states their new restricted financial products policy.
According to Scott Spencer, director of sustainable ads at Google, the move is a precautionary measure to avoid harming consumers.
“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,” Scott said to CNBC.
Last year Google removed more than 3.2 billion ads that violated its policies, which is almost double the amount of “bad ads” it removed the year before.
In January, Facebook had a similar approach also saying it will ban ads promoting cryptocurrencies and ICO’s.
The recent moves by Google and Facebook are most likely because of the scams that have been taking place, especially the many ICO’s that has turned out to be scams.