News of the ban comes from an update to Google's advertising policies, and the message offers no further justification or explanation for the change. The new rule "prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency", it said. The tech giant says that it will no longer serve ads through its platforms for these products and services starting in June 2018.
Google is looking to improve the overall ad experience for internet users, giving various examples of how it punished deceptive content online past year, and what it plans to do to improve the ad experience.
Facebook said it wants people to continue to discover and learn, but there are companies advertising binary options and cryptocurrencies that do not operate in good faith. The downside is that the "Google certification process" will only be available for advertisers located in "certain countries".
Google has made a decision to follow on Facebook's footsteps and ban cryptocurrency-related advertising.
Past year there were around 900 initial coin offerings (ICO) according to a study conducted by Bitcoin.com. This is Google Ads, a system within Google much like Facebook's similar advertisement sales system.
"The Google ban is perhaps too broad as it is".
Scott Spencer, Google's Director of Sustainable Ads said that the company has refreshed some policies to get rid of speculative financial products such as cryptocurrency, binary options, foreign exchange markets and contracts for difference (or CFDs).
Misrepresentative content: In a single month in 2016, Google reviewed more than 1,200 sites for suspected violations of our new misrepresentative content policy - blocking 340 of those sites and terminating 200 publishers. Other major currencies, including Ethereum and Litecoin, are also down modestly.
Google said it removed more than 3.2bn ads that violated its policies in 2017, blocking what it described as the "majority of bad ad experiences", including malvertising and phishing scams.
Scammers can easily make a quick buck without offering anything in exchange, and regulators are growing concerned that people will be ripped off. The company also says that it blocked almost 90,000 websites and 700,000 mobile apps "for policy violations".