Bitcoin price tumbles as Google bans cryptocurrency adverts

Google headquarters in Mountain View California

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.

Google announced the crackdown on cryptocurrency ads in a company blog post Wednesday about changes to its financial-services advertising policies.

Google's ban comes after social media platform Facebook banned similar adverts in January citing misleading and deceptive promotional practices associated with cryptocurrency, ICOs, and binary options.

Google took down more than 3.2 billion ads in 2017, according to its latest "bad ads" report, up from 1.7 billion the previous year and equating to 100 ads removed per second.

Last year, Google added 28 new advertiser policies and 20 new publisher policies to combat new threats and improve the ads experience online.

A "bad ad" is one that tricks a user as to its goal.

In new rules published by the tech giant, Google Ads will no longer serve content relating to cryptocurrencies and their related paraphernalia.

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GOOGLE IS GETTING GRUMPY about cryptocurrencies and will ban adverts about them come June. Due to the nature of the ad business, it behooves Google to accept as many advertisers as possible.

In an interview with the BBC, crypto-currency sceptic David Gerard, author of Attack of the 50ft Blockchain, welcomed Google's policy adjustment. Furthermore, products and services related to things in that list will also face the possibility of advertising bans/removal. This means we're able to block the majority of bad ad experiences, like malvertising and phishing scams, before the scams impact people.

The move will give users the "comfort of knowing transactions are subject to more stringent legal requirements around financial crime and the segregation of customer's money, which can only be good news", said Bradley Rice, senior regulation lawyer at law firm Ashurst.

Twitter said earlier this month that it is also taking steps to crack down on cryptocurrency advertisements, but has not yet taken as strong a stance as Facebook and Google.

YouTube ads, as well as ads appearing next to search results, will be affected by the update.

She added: "Google will introduce a new certification process for rehabilitation facilities, allowing legitimate facilities in this space to connect with users in need".

She said that Google had already updated gambling policies to address new methods of gambling with items that had real-world value.

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