Google Moves to Ban Crypto-related Ads, Rattling Community
In a move that comes as a serious blow to the cryptocurrency market, tech giant Google has announced that starting in June 2018, they will be banning all crypto related advertising. The ban is far reaching and includes ads for ICOs, trading advice, and even wallet services. According to Scott Spencer, Google’s director of sustainable ads, the cryptocurrency space has gotten a bit out of hand with respect to predatory ads that target unwitting investors who are new to the community.
Spencer told CNBC in an interview following this announcement:
“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.”
This hardline position Google seems to be taking on cryptocurrency mirrors the measures taken by Facebook after they announced a ban on crypto ads relating to the ICO market. Like the Facebook ban, Google changed their financial services ad policy making it against their terms of service to push any ads relating to crypto companies, especially initial coin offerings which have received a great deal of bad press in recent months.
Everyone in the community can agree that there are aspects of it which need overhauling and perhaps even a great deal more oversight to remain safe for investors to operate in. However, creating an outright ban may have the undesirable effect of forcing these companies (many of which are legitimate) to find other means of getting their products out in front of the public eye.
Google’s parent company Alphabet makes more than eighty percent of its revenue from ads across all of their products, which is why they seem to be erring on the side of extreme caution concerning crypto content. It’s vital to keep the ad space as legitimate as possible so it is a logical move for them to remove the crypto community from that space.
It begs the question however, will Google’s tune change as cryptocurrency adoption continues to increase and the market matures? Probably. But until then it seems cryptocurrency related companies and businesses will have to play by the strict rules set by Google.
Image via: Hacked.com