Google said that it had updated its worldwide policies to curb adverts in "unregulated or speculative financial products", with the blanket ban including cryptocurrencies. Last year, Google removed more than 3.2 billion ads from the web, up from 1.7 billion in 2016.
The updates are created to protect users from "ads in unregulated or speculative financial products", Google's director of sustainable ads Scott Spencer said in a March 14 blog.
As of March 13th, however, Google published "Financial Services: New restricted financial products policy (June 2018), announcing it "will update the Financial service's policy to restrict the advertisement of" cryptocurrencies and related content". It is estimated to bring in more than $40bn in ad revenues over the course of 2018, nearly half the entire global $94bn market, beating Facebook, which earns $22bn, into second place.
While cryptocurrency advertising will be totally blocked, adverts on speculative products such as binary options, foreign exchange markets and contracts for difference will only be available to certain certified advertisers, according to the new Google AdWords policy.
"To make things work and move smoothly, Google has introduced many measures to checkmate online ad violators".
Facebook, the primary rival of Google for advertising dollars, banned cryptocurrency ads in January.
Numerous above have something in common - they are leveraged financial instruments, which means that you can lose much more money than you have deposited with the service provider. The decision by Google will affect ads displayed both in its search results and YouTube. In the announcement, Facebook said that it was banning all "financial products and services which are frequently associated with misleading or deceptive promotional practices". Google has a page that talks further about what advertisers of those products will need to do. The company says that cryptocurrency hacks and scams are a big business, and estimates that crooks made over $2 billion by targeting cryptocoin fans in the past years.
It will also affect those placed on third-party sites via its ad platforms.
Oh well, even with new limits on the availability of Google ads, we expect cryptocurrency to continue being "more efficient than Star Wars at extracting money from nerds".