Google is cracking down on cryptocurrency-related advertising, says one of its top official.
According to Google’s director of sustainable ads, Scott Spencer, the company is 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 policy means that even companies with legitimate cryptocurrency offerings will be barred to serve ads through any of Google’s ad products, which place advertising on its own sites as well as third-party websites.
Based on the company’s post, this update will go into effect in June 2018.
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” Scott said.
It can be remembered that before this Google’s hard-line approach, Facebook was first in announcing the same banning in the early part of the year.
While the crypto-currency boom has produced a lot of excitement and wealth, it’s still a largely unregulated space and has spawned countless high-profile scams.
This news comes as Google releases its annual “trust and safety” ads report.
Google said it took down more than 3.2 billion ads in 2017 that violated its policies, which is nearly double the 1.7 billion it removed the year before.
Furthermore, Google parent company Alphabet makes roughly 84 percent of its total revenue from advertising, so convincing advertisers that its ecosystem is safe and effective is critically important.