After Facebook, Google to ban cryptocurrency ads

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.

Indo-Asian News Service
San Francisco, Publish Date: Mar 14 2018 5:46PM | Updated Date: Mar 14 2018 5:46PM
After Facebook, Google to ban cryptocurrency adsFile Photo

Taking a cue from Facebook, Google has announced that it will ban advertisements for cryptocurrencies and other "speculative financial products" across its ad platforms.

The ban on such advertisements will come into force from June. 

"We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs)," Scott Spencer, Google's Director of Sustainable Ads, said in a blog post on Tuesday. 

"In June 2018, Google will update the financial services policy to restrict the advertisement of contracts for difference, rolling spot forex and financial spread betting," Google said.

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.

In 2017, Google took down more than 3.2 billion ads that violated its advertising policies. 

"That's more than 100 bad ads per second! This means we're able to block the majority of bad ad experiences, like malvertising and phishing scams, before the scams impact people," Spencer added.

Google also blocked 79 million ads in its network for attempting to send people to malware-laden sites and removed 400,000 of these unsafe sites last year. 

"We removed 66 million "trick-to-click" ads as well as 48 million ads that were attempting to get users to install unwanted software," the company said.

Last year, Google removed 320,000 publishers from its ad network for violating its publisher policies and blacklisted nearly 90,000 websites and 700,000 mobile apps. 

Scammers are using "crypto-jacking" or putting lines of code in websites or ads to surreptitiously harness the computing power of the web surfers who look at them.

The power is used to mine cryptocurrency -- a digital form of money that has no government or central-bank printing it or standing behind it.

In January, social media giant Facebook banned all ads promoting cryptocurrencies, including Bitcoin and ICOs.

The new policy prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, Facebook said in a statement.

"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.

"That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith," said Rob Leathern, Product Management Director at Facebook.

However, according to DD Mishra, Research Director, Gartner, there have been instances of fraudulent advertisement from some of the bitcoin-based financial products, like the cryptocurrency-based investment funds which are banned in some countries. 

"There are also lots of misleading speculations around cryptocurrencies. The concern Google or Facebook may have at this point in time for its customers may be genuine. But such policies to blanket ban certain products will have an adverse impact on its adoption as well," Mishra told IANS. 

"A blanket ban for a longer or indefinite period can be counter-productive and may not be a sustainable option," he added.

Latest News

  1. Pakistan will continue to lend full support to people of Kashmir: Imran Khan
  2. Pakistan will continue to lend full support to people of Kashmir: Imran Khan
  1. Schools found operating during winter vacations to face action: DSEK
  2. Schools found operating during winter vacations to face action: DSEK
  1. Govt ready to deal with any weather eventuality: Div Com
  2. Govt ready to deal with any weather eventuality: Div Com
  1. An MLA was told to be part of govt or prepare for arrest by NIA: Omar Abdullah on horse-trading
  2. An MLA was told to be part of govt or prepare for arrest by NIA: Omar Abdullah on horse-trading
  1. Disgruntled Muzaffar Baig holds meeting with Mehbooba Mufti
  2. Disgruntled Muzaffar Baig holds meeting with Mehbooba Mufti
  1. Vijay Mallya must be extradited: London court
  2. Vijay Mallya must be extradited: London court
  1. BJP built tallest statue of Patel, but could not construct Ram temple: Omar Abdullah
  2. BJP built tallest statue of Patel, but could not construct Ram temple: Omar Abdullah
  1. RBI Governor Urjit Patel quits
  2. RBI Governor Urjit Patel quits
  1. Former MLA Tangmarg Abbas Wani resigns from PDP
  2. Former MLA Tangmarg Abbas Wani resigns from PDP
  1. Renowned historian and former Jamia Millia VC Mushirul Hasan passes away
  2. Renowned historian and former Jamia Millia VC Mushirul Hasan passes away
  1. JRL writes to UN chief, urges him to establish commission of inquiry into Kashmir rights abuses
  2. JRL writes to UN chief, urges him to establish commission of inquiry into Kashmir rights abuses
  1. Human Rights Day: Mirwaiz seeks help of world community to end Kashmir rights violations
  2. Human Rights Day: Mirwaiz seeks help of world community to end Kashmir rights violations
  1. On Human Rights Day, relatives of disappeared persons protest in Srinagar
  2. On Human Rights Day, relatives of disappeared persons protest in Srinagar
  1. India test fires Agni-V missile
  2. India test fires Agni-V missile
  1. Kushwaha quits NDA, resigns as Minister
  2. Kushwaha quits NDA, resigns as Minister
  1. Woman dies after falling from Ferris wheel at UP fair while clicking selfie
  2. Woman dies after falling from Ferris wheel at UP fair while clicking selfie
  1. Two drug peddlers arrested in Jammu and Kashmir's Rajouri
  2. Two drug peddlers arrested in Jammu and Kashmir's Rajouri
  1. Modi govt considers farmers as liability: Rahul Gandhi
  2. Modi govt considers farmers as liability: Rahul Gandhi
  1. JRL calls shutdown in poll-bound areas of Kashmir on Tuesday
  2. JRL calls shutdown in poll-bound areas of Kashmir on Tuesday
  1. BJP expels dissident leader after SC junks his plea against governor’s decision to dissolve JK legislative assembly
  2. BJP expels dissident leader after SC junks his plea against governor’s decision to dissolve JK legislative assembly
  1. Indian diplomat walks out of SAARC meeting in Pakistan over PaK minister's presence
  2. Indian diplomat walks out of SAARC meeting in Pakistan over PaK minister's presence
  1. UP woman locked inside home by son, dies of hunger: police
  2. UP woman locked inside home by son, dies of hunger: police
  1. Clashes erupt in Hajin after burial of slain teenage militants
  2. Clashes erupt in Hajin after burial of slain teenage militants
  1. Thousands attend funeral of slain teenage militants in north Kashmir’s Hajin
  2. Thousands attend funeral of slain teenage militants in north Kashmir’s Hajin
  1. SC dismisses former BJP legislator's plea challenging dissolution of Jammu and Kashmir Assembly
  2. SC dismisses former BJP legislator's plea challenging dissolution of Jammu and Kashmir Assembly
  1. India beat Australia by 31 runs in Adelaide Test
  2. India beat Australia by 31 runs in Adelaide Test
  1. Brexit deal: Theresa May faces fight for her political life on Tuesday
  2. Brexit deal: Theresa May faces fight for her political life on Tuesday
  1. Role of military limited, solution of Kashmir issue only through politics: Army commander
  2. Role of military limited, solution of Kashmir issue only through politics: Army commander
  1. Kashmir shuts on JRL call against human rights violations
  2. Kashmir shuts on JRL call against human rights violations
  1. Pakistan continues to harbour militants that turn around and kill American soldiers: Nikki Haley
  2. Pakistan continues to harbour militants that turn around and kill American soldiers: Nikki Haley
  1. 'I can't breathe', Jamal Khashoggi's last words at Saudi consulate
  2. 'I can't breathe', Jamal Khashoggi's last words at Saudi consulate
  1. Mughal road, Srinagar-Leh highway closed after fresh snowfall in Kashmir
  2. Mughal road, Srinagar-Leh highway closed after fresh snowfall in Kashmir
x
This site uses cookies to deliver our services and to show you relevant news and ads. By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Service.That's Fine