Google bans crypto ads
As a part of a larger crackdown on “bad ads, Google has announced that starting from June it will stop running advertisements and marketing a new breed of high-risk financial products.
The announcement was made on Wednesday as an update to their previous policy, which said that it will block all ads and marketing content that is related to “cryptocurrencies and related content.” This step is very similar to the one taken by Facebook Inc in January this year leaving the crypto-world bereft of two of the largest ad-runners on the internet.
Google’s announcement came as an update to their policy along with their “bad-ads” report. An annual review carried out by Google to keep track of the number of malicious ads the search engine is running. In 2017 alone, the search engine took down 3.2 billion ads from the web, whose number has astronomically shot up since 2016’s 1.7 billion.
While Facebook enforced this new amendment to their policy in January, a lot of businesses found a way around the policy by misspelling the word ‘bitcoin’ in their ads. And when the possibility of this happening to them was pointed out to Google, a spokeswoman said that the new policy will anticipate workarounds like this and try to squash them before they hit the web.
This announcement leaves the cryptocurrency world and market with very few avenues for ads and marketing content but will come as no major blow to Google. Because just the last year Google made $95.4 billion in ad revenue alone. But the impact it will have on the crypto market and coin prices are hard to preempt, for the actual effect of this ad-ban will be seen in the last quarter of this year.
As usual, people took to Twitter. Here’s what was said;
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