Google banning cryptocurrency-related advertising, as the company has set to upgrade all its ad policies related to the financial services.
According to the announcement Google has made on Wednesday morning in a blog, the company wants to join Facebook’s action of banning on advertisements as well as contents related to the crypto currency that comprises initial coin offerings (ICOs), trading advice and wallets.
On Wednesday morning, an analyst at the trading platform for eToro, Mati Greenspan wrote in an email that, “Google joined Facebook in the all-out crypto advertisement ban. So no more ads for ICOs, or crypto, or Bitcoin will be in search results for the time being.”
“Bitcoin is having a bad morning on the back of the announcement and has just broken below $9,000. As we’ve been discussing for a few months already, the long-term support remains just below $8,000 a coin so we’re still holding that level just fine,” Greenspan added to the email.
Director of sustainable advertisements at Google, Scott Spencer told reports that, “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. Improving the ads experience across the web, whether that’s removing harmful ads or intrusive ads, will continue to be a top priority for us.”
The ad policy based on the financial services has been set to be implemented by the company across the number of platforms that include Instagram, Facebook and Audience Network.