Search engine and internet marketing giant Google has announced a blanket ban on all advertising related to cryptocurrency and initial coin offerings (ICOs) starting in June 2018.
The announcement was made in a recent update to their Financial Services policy posted earlier in the week. Apart from blocking all advertising about binary options and “synonymous products,” the new policy will also ban ads for all cryptocurrency content “including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.”
Google's new crypto ad ban affects sites across Google’s network, including the search engine’s own internet properties as well as third-party sites. The ban also applies to advertising for legitimate cryptocurrency services.
Director of Sustainable Ads at Google Scott Spencer said that Google has “seen enough consumer harm or potential for consumer harm that it's an area that we want to approach with extreme caution” in comments during an interview with CNBC on March 14.
The blanket ban on Google’s network comes several months after a similar move by social media giant Facebook, which announced a ban on cryptocurrency related advertising earlier in January 2018, citing “deceptive promotional practices” as the cause.
Russian search engine and internet marketing leader Yandex also announced a cryptocurrency advertisement ban earlier this week, which includes any topic that relates to cryptocurrency.