The news of a crypto ad ban comes just days after crypto advertisers using Google Adwords noticed a drastic drop in the number of views of their advertisements, according to posts on the Adwords support pages. However, Google Adwords had at that time denied any change in their Financial Services regulations that would block cryptocurrency or Initial Coin Offering (ICO) related advertisements.
Under Google’s newly updated financial products policy, no advertisements for “cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice),” will be accepted.
The move affects all of Google's ad products, meaning companies will not be able to serve crypto-related ads on the search engine giant’s own sites, as well as third-party sites in its network.
Scott Spencer, the Director of Sustainable Ads at Google, told CNBC today, March 14:
"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.”
Facebook had already banned crypto related advertisements in January of this year, citing the potential for “deceptive promotional practices.”