The search engine giant's director of sustainable ads, Scott Spencer indicated in his blog, "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)".
Google, makes nearly 84% of its total revenue from ads, so its announcement to ban any advertising regarding initial coin offerings (ICOs), trading advice and wallets, is weighted.
The policy will be implemented across its platforms, including Facebook, Audience Network and Instagram, the company said.
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While it seems that the move does not target cryptocurrencies specifically, the fact that crypto-related content is poised to suffer the harshest restrictions under the new policy suggest that Google may view digital currencies as more problematic than other financial products. Nevertheless, some of those banned ads might be able to advertise with Google only after they have been certified.
According to the official, Page-level enforcement technology allows better protection of advertisers by removing more bad ads from more sites while minimising the impact on legitimate publishers. The cull also led to the removal of 320,000 publishers from its network, considered to be exacerbating deceptive content for commercial gain, while almost 90,000 websites and 700,000 apps were also blocked. More than 3.2 billion ads were removed a year ago, an average rate of 100 per second.
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 a year ago.
Cryptocurrency scammers are taking full advantage of popular online platforms to trick people into parting with their hard earned money.
"That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not now operating in good faith", said Rob Leathern, Product Management Director at Facebook. Crypto-jacking, where malicious code is hidden on websites or in ads to take control of the processing power of a computer to mine crypto, is growing exponentially.