Google latest giant after Facebook to take action against cryptocurrency ads

Bitcoin the largest cryptocurrency by market value pared an advance of about 2% after Google’s announcement

The policy will be implemented across its platforms, including Facebook, Audience Network and Instagram, the company said.

Google said it updated its policies, expanding its policies in April to cover forms of discrimination and intolerance beyond hate speech protections. that led to the removal of Google ads from 8,700 pages. The ban applies to ads that promote cryptocurrencies and exchanges, as well as initial coin offerings, which allow companies to raise money by selling virtual currency. The internet-search giant is also restricting ads for financial products including binary options, a risky derivative with an all-or-nothing payoff.

In a blog post titled 'Financial Services: New restricted financial products policy (June 2018)', published by Google, the company informed that they will change its existing financial product restriction list in June this year. The company also pointed to constant updating of its policy. The social network prohibited ads for "financial products and services that are frequently associated with misleading or deceptive promotional practices", including binary options, initial coin offerings, and cryptocurrencies. Facebook banned cryptocurrency ads in January, although some people took advantage of loopholes by misspelling terms (spelling Dogecoin with a zero instead of an O, for example). In an update of its policy, Google announced this decision on Wednesday.

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.

Google said it took down more than 3.2 billion ads in 2017 that violated its policies, which is almost double the 1.7 billion it removed the year before.

Google's new policy comes with the publication of its annual bad ads report.

Google's move to ban crypto-currency-related ads is part of what Spencer described as a broader crackdown on bad actors in the advertising realm.

It is not likely that the more than 3.2 billion ads that were pulled during 2017, nor the upcoming ban on cryptocurrency ads, will have that much of an overall impact on its sales.

Last year, for instance, Google pulled 79 million ads for luring online clickers to websites with malware.

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