Ever since human being discovered that they they can make a quick buck by buying and selling cryptocurrency such as Bitcoin, another set of human discovered that they could use this desire to get rich quick to milk some money off people. We have seen people lose a lot money, running into millions of dollars thanks to cryptocurrency-related scams.
Google has announced that it will ban cryptocurrency and related content such as initial coin offerings (ICOs), cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice from its AdWords platform. Google has also tightened the noose on other financial services that it terms as risky. “In June 2018, Google will update the Financial services policy to restrict the advertisement of Contracts for Difference, rolling spot forex, and financial spread betting. Advertisers offering Contracts for Difference, rolling spot forex, and financial spread betting will be required to be certified by Google before they can advertise through AdWords,” reads the company’s statement.
In January, Facebook pulled a similar move and banned deceptive Ads related to Cryptocurrency. However, it was reported by Bloomberg that some cryptocurrency ads found their way around this ban by switching the “o” in Bitcoin with a zero. Google says that it has anticipated such workarounds and implemented measures to prevent them.
“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,” said Google’s director of sustainable ads, Scott Spencer as he spoke to CNBC.