The cryptocurrency woes continue: late Tuesday evening (March 13), Google's parent company Alphabet (NASDAQ:GOOGL) issued a company statement advising that it will be banning any cryptocurrency-related advertising.
What comes as a surprise is Google's decision to ban cryptocurrency related ads.
Google removed "bad ads" at the rate of 100 every second during 2017, a total of 3.2 billion across the year and nearly double the figure for 2016, the tech giant has revealed.
According to Stansfield, the figure shows more than 100 per cent increase from the 2016 figure which stood at 1.7 billion. Google will also prohibit advertising for binary options and equivalent products.
In January, Google's primary rival in the advertisement industry, Facebook had banned cryptocurrency ads saying, misleading or deceptive ads have no place on Facebook.
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Advertisers in these categories will be required to be certified by Google before they can roll their content through AdWords.
Some are suggesting that Facebook's and Google's bans on crypto ads were not self-determined, but a result of constant pressure from security watchdogs. Long story short, if you are trying to advertise anything based around the cryptocurrency market, then it will either be pulled or banned. The current Bitcoin price, as per Coindesk, is $8100, which is not even half of what it was fetching just three months back.
Trick to Click: Google blocked 66 million "trick to click" ads and 48 million ads that were attempting to get users to install unwanted software.
Google has updated its advertising policy to ban all ads related to cryptocurrencies. It shouldn't escape one that Google's new policy whose details are yet to be released has come in the wake of the U.S regulators action. But a WSJ report on the topic quotes an earlier Google statement, where it claimed to have removed 130 million ads by hackers who were using them to mine for cryptocurrencies.