Google to ban Bitcoin, other cryptocurrencies advertisements from June


In January, Facebook also announced a ban on cryptocurrency advertising, saying it wanted to protect users from scams.

Google took down more than 3.2bn "bad ads" a year ago in an effort to prevent its vast advertising network from being used for nefarious purposes, up from the 1.7bn it removed in 2016.

The company said the ban applies to all cryptocurrencies "including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets and cryptocurrency trading advice".

Google will ban ads for cryptocurrencies and "speculative financial products" across its advertising platforms starting in June.

Cryptocurrencies have exploded in popularity over the a year ago thanks to a surge in the price of bitcoin at the end of 2017. Business Insider reported a year ago on the proliferation of "pump and dump" scams in the market, while sham ICO projects have become commonplace.

Binary options allow people to make a bet on the expected value or price of something that can be measured in financial terms, such as a stock, commodity, currency or index. Traders can gain exposure to stocks or metals, without incurring the higher fees associated with actually buying them.

The UK's top regulator the Financial Conduct Authority (FCA) released figures pointing towards a loss of £87,410 per day to binary options scams past year. The FCA found that 82% of people who use the products lose money, suggesting CFDs are more akin to gambling than investing.

"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", Google's Director of Sustainable Ads Scott Spencer told CNBC.

Online ads enable all sorts of free services online, including search and social networks and the article you're reading now, but Google is working harder than ever to keep the bad ones at bay.

As Google implement these new changes, the Google ad's network becomes a lot safer, resulting in websites and blogs not having to worry about the ads that appear via Google's Adsense program. Google would also restrict the advertisement of contracts for difference (CFD), rolling spot forex, and financial spread betting.