Google to Ban Cryptocurrency, ICO Ads from June

Bitcoin the largest cryptocurrency by market value pared an advance of about 2% after Google’s announcement

Google will ban the advertisements related to cryptocurrencies and Initial Coin Offerings from June.

"Bad ads" consist of any advertising that violate Google's advertising policies, including ad fraud, phishing scams, and malware.

Google is joining Facebook in banning advertising for Bitcoin and other cryptocurrencies. Rival coins Ripple and Ether also pared gains.

The internet-search giant is also restricting ads for financial products including binary options. Right now, Google queries for terms like "binary options" and "buy bitcoin" produce four ads at the top of the results, reports Bloomberg.

The agency reminds that earlier Facebook social network took a similar step, though some aggressive businesses found a loophole: purposely misspelling words like "bitcoin" in their ads.

In a separate blog post, Google said it took down 3.2 billion ads that violated its advertising policies in 2017, almost double the number of ads it removed in 2016.

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Google has published its 2017 annual report detailing the type and number of "bad ads" it has removed from its from platform - the fifth year it has done so.

It's unlikely that the 3.2 billion ads pulled in 2017, nor the coming cryptocurrency ban, will have a serious impact on sales.

The United States of America's technology company said it blocked 79 million adverts on its network for attempting to send people to malware-laden sites, and removed 400,000 of these unsafe sites past year.

Speaking to selected journalists via Video Conferencing on Monday, Monetized Products, Google Trust and Safety, EMEA, Jessica Stansfield, said digital advertising plays an important role in making the web what it is today - a forum where anyone with a good idea and good content can reach an audience and make a living.

Last year's bad ad total was 1.7bn which, presumably, means that Google is doing more or the scammers are getting worse. The company suspended 7,000 customer accounts for ads that impersonated a news article - what Google calls "tabloid cloaking" - and blocked more than 12,000 websites for copying information from other publications.

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