Google to stop displaying Cryptocurrency Ads on its platform

Google to stop displaying Cryptocurrency Ads on its platform

Bitcoin, the largest cryptocurrency by market value, pared an advance of about 2 per cent after Google's announcement, trading little changed at US$9,099 as of 1:04 p.m.in Hong Kong. Cryptocurrencies have been a hot topic for quite some time now, with its regular rise and fall the digital currency coins have managed to steal the stage away.

Reportedly, it is expected that affiliate marketing companies will suffer huge damage because the policy highlights that aggregators and affiliates providing services to the cryptocurrency arena will not be allowed to advertise either.

"Many website owners use our advertising platforms, like AdSense, to run Google ads on their sites and content and make money", Spencer continued.

In another post, Google wrote that in 2017 it took down more than 3.2 billion ads in violation of its policies.

The move comes after social media giants Facebook and Twitter started crackdown against cryptocurrencies advertisements on their platform.

Facebook called this, an effort by the company to prevent people from advertising "financial products and services frequently associated with misleading or deceptive promotional practices".

Google also took steps to clean up the ads that are being served through its system.

Google added that they are constantly updating their policies as "threats emerge". Also on this updated list are binary options and synonymous products, and in general "cryptocurrencies and related content". This means we're able to block the majority of bad ad experiences, like malvertising and phishing scams, before the scams impact people.

Google zapped a year ago more than three billion ads, nearly twice that of 2016.

The ban is part of a new financial products policy, that Google announced March 14 and applies also to advertisers that offer so-called Contracts for Difference, financial spread betting and certain kinds of foreign exchange transactions. Regulating such financial products is a veritable nightmare and will test Google's new proactive standpoint to the limit. As consumer trends evolve, as our methods to protect the open web get better, so do online scams.

Google's ban would affect adverts on YouTube, which has become a haven of cryptocurrency news and advice.

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