Taking a cue from Facebook, Google has announced that it will ban advertisements for cryptocurrencies and other “speculative financial products” across its ad platforms.
The ban on such advertisements will come into force from June.
“We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs),” Scott Spencer, Google’s Director of Sustainable Ads, said in a blog post on Tuesday.
“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,” Google said.
Updating its financial services-related ad policies to ban any advertising about cryptocurrency-related content, including initial coin offerings (ICOs), wallets and trading advice, the Alphabet-owned company said that this policy will apply globally to all accounts that advertise these financial products.
In 2017, Google took down more than 3.2 billion ads that violated its advertising policies.
“That’s more than 100 bad ads per second! This means we’re able to block the majority of bad ad experiences, like malvertising and phishing scams, before the scams impact people,” Spencer added.
Google also blocked 79 million ads in its network for attempting to send people to malware-laden sites and removed 400,000 of these unsafe sites last year.
“We removed 66 million “trick-to-click” ads as well as 48 million ads that were attempting to get users to install unwanted software,” the company said.
Last year, Google removed 320,000 publishers from its ad network for violating its publisher policies and blacklisted nearly 90,000 websites and 700,000 mobile apps.
Scammers are using “crypto-jacking” or putting lines of code in websites or ads to surreptitiously harness the computing power of the web surfers who look at them.