After Facebook, Google bans ads on unregulated cryptocurrencies, foreign exchange markets

Google said that it had updated its worldwide policies to curb adverts in "unregulated or speculative financial products", with the blanket ban including cryptocurrencies. The social network prohibited ads for "financial products and services that are frequently associated with misleading or deceptive promotional practices", including binary options, initial coin offerings, and cryptocurrencies.

Google mentioned the move in a separate blog post about its advertising business. This block came as part of Google's annual "Bad Ads" report and included several other sorts of advertisements that'll be banned in the near future.

Google didn't offer a specific reason for its ban on cryptocurrency advertising, but I would assume that its reasons are similar to Facebook and Twitter. The ban will apply to search advertising as well as to ads on YouTube and on third party websites that Google is selling advertising space on.

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At the end of January this year, Facebook announced that it was banning all cryptocurrency related ads and ICOs with immediate effect.

"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception", the Facebook statement read. The company said advertisers could request certification with Google starting March 2018 when the application form is published. The concern Google or Facebook may have at this point in time for its customers may be genuine. Investing in cryptocurrencies and other Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Smartereum or the writer to invest in cryptocurrencies or other ICOs. Last week, the Securities and Exchange Commission warned that many cryptocurrency exchanges are operating outside the law.

The price of bitcoin is down about 6 percent since the Wall Street Journal first reported the new policy early Wednesday morning. Last year, Google removed more than 3.2 billion ads from the web, up from 1.7 billion in 2016. The world's biggest search engine has said that the step has been taken to combat emerging threats and improve the ads experience online.

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In the official policy, Google has put Cryptocurrencies and related content in the restricted financial products category.

Peter Hetherington, chief executive of IG Group, Europe's largest retail trading website, said that consumers would be "more likely to end up with reputable brokers and proper regulatory protection" following the changes.

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