In a report published by Google on Tuesday, March 13, the company reveals plans to update its financial services policy from June 2018 to restrict the advertisement of certain financial services including cryptocurrencies. The ban will apply to Google’s platforms like YouTube as well as third-party websites where it sells ads space.
Google will also ban cryptocurrencies and related content including cryptocurrency exchanges, initial coin offerings (ICOs), cryptocurrency wallets and trading advice.
Google’s announcement is coming barely two months after Facebook revealed plans to ban cryptocurrencies ads on its platform to better detect deceptive and misleading advertising practices. Since the two biggest providers of digital advertising are cracking down on cryptocurrencies, companies and individuals with crytocurrency offerings will have limited ad options. Following the ban announcement by Google, Bitcoin market value dropped by 9.1%.
Speaking on the ban in an interview with CNBC, Scott Spencer, Google’s Director of Sustainable Ads 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 and potential for consumer harm that it’s an area that we want to approach with extreme caution”.