We all may be heard about scams hidden behind cryptocurrencies. Google, the world’s largest online provider is going tough head on all cryptocurrency related advertising to protect consumers from all those scams caused due to high-risk financial products.
Google Bans CryptoCurrency Advertisements
After Facebook, Google is banning cryptocurrency Advertisements. Cryptocurrencies like bitcoin and ICOs are basically crowdfunding mechanism that uses digital currencies. They might have gained very much popularity but are very much vulnerable to fraud. It is to be noted that Google has removed more than 3.2 billion advertisements which violated its policies.
“we don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we have seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” said Scott Spencer, Google’s director of sustainable advertisements.
The company is blocking any kind of promotion of cryptocurrency on its platform. It is also curbing things such as cryptocurrency exchanges, cryptocurrency wallets, initial coin offerings and cryptocurrency trading advise. The company said it would prevent any services “that are frequently associated with misleading or deceptive promotional practices”.
The advertisers will be blocked from posting any kind of advertisements on any controversial financial products from June.
Google’s ban on cryptocurrency Advertisements would affect YouTube, which is basically s heaven of cryptocurrency news and advice. According to CoinDesk, this news has caused the falling of Bitcoin prices to below $8000.
There have been mixed reactions coming from cryptocurrency related companies. They are shocked and surprised but believe that this ban will ultimately be modified as cryptocurrency has become more regulated now.