After Facebook, the search engine giant Google is going to crack down cryptocurrency related advertising.
In an update on its financial services related advertisements, the company has posted new changes in policies on its support page which will be applicable from June 2018. The new policy states:
"ads for the following will no longer be allowed to serve:
- Binary options and synonymous products
- Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)."
The popularity and boom in the area of cryptocurrencies has brought a lot of excitement and caused a lot of vulnerable investors to lose money in the hands of fraudsters. Google releases the new policy as a part of its its annual "trust and safety" ads report.
The company that makes a majority of its revenue from ads had taken down more 3.2 billion ads in 2017 compared to 1.7 billion in 2016. (Source: CNBC) The ad ban is unlikely to affect Google's ad revenues which was $95.4 billion last year (Source: Bloomberg), despite the bans as the company focuses on the user's trust and safety factors. The 2017 revenue was 20% higher than what it made in 2016.