Google slaps a ban on cryptocurrency ads


A recent report revealed that fraudsters were using Facebook Ads Manager and Google AdWords to promote various fraudulent get-rich-quick schemes.

The figures were revealed in a blog post in which Google also said that in 2017, 320,000 publishers were removed from Google's ad network for violating its publisher policies, while Google also blacklisted nearly 90,000 websites and 700,000 mobile apps.

Facebook took a step of a similar nature in January, which leaves the two biggest sellers of web advertising not within reach of the digital currency industry.

Google has updated its ads policy to confirm that cryptocurrency and ICO-related ads will no longer be accepted. The ban, a move to effectively stamp out scams in the crypto space, will also impact legitimate or "regulated" companies offering cryptocurrency services.

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"We've 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 ads, in an interview with CNBC.

The search engine giant removed 3.2 billion ads in 2017, which were found violating its advertising policies.

Google dropped a bombshell this week when it announced that it will start banning cryptocurrency and initial coin offering ads this coming June. The craze for cryptocurrency investment has also led to the proliferation of many fraudulent platforms and offerings that have successfully duped investors of their money.

As mentioned above, Google is also planning to block ads for contracts for difference and spread betting, which are known to be financial instruments that allow people to place bets on the movement of various assets.

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Last year, Google struggled to address advertisers' concerns that ads were being run alongside objectionable content.

In a separate blog post, Google said it took down 3.2 billion advertisements that violated its advertising policies in 2017, almost double the number of advertisements it removed in 2016.

Google said its ban includes cryptocurrency exchanges and wallets.

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