Google to ban all cryptocurrency related advertising
Google is banning advertisements for cryptocurrency related content. The ban includes trading advice on cryptocurrencies and also initial coin offerings.
According to the notice made by the company, the changes will come into effect in June this year.
Google say that the policy will apply globally.
Google’s director of sustainable ads, Scott Spencer said: “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 customer harm that it’s an area we want to approach.
It comes after Facebook decided to ban cryptocurrency ads on its platform in January.
On its business page, a post from the social network said: “We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”
It added that there are many companies advertising cryptocurrencies that are currently not operating in good faith. Facebook said its policy would be reassessed in the future “as our signals improve.”
In January, the Financial Conduct authority waned that investors are being targeted by fraudsters on social media and persuading them to sign up to invest in cryptocurrencies. It found that young people were the most at risk from online scams.
In the recent Trust and Ad report, Google revealed that it removed on average 100 bad ads per second in 2017.
Also read : WhatsApp adds ‘Block revoke request’ feature to prevent misuse of the ‘Delete for Everyone’ feature.
