Google is going to bann all bitcoin, cryptocurrency and ICO ads from June. And the search giant is also cracking down on adverts for other financial products such as CFDs, spead bets, and foreign exchange products.
As we know, a month ago Facebook has banned ICOs and Cryptocurrencies ads on its platform. Now, Google is going to take the same step as per anecdotal reports of several companies operating in the initial coin offering (ICO) industry.
Also, Scott Spencer, Google's Director of sustainable Ads, said in a blog post that the company has "updated several policies to address ads in unregulated or speculative financial products like cryptocurrency, binary options and contracts for difference(CFD)".
According to him, this new policy will be implemented by June this year. Also, this policy is part of Google's efforts to protect consumers from "Online Scams".
Last year we have seen a huge expansion in the number of users of cryptocurrencies specially the people between 20 and 45 years of age.
No doubt, cryptocurrency popularity and ICO funding scheme are co-related things. As cryptocurrency have exploded in popularity over the last year, so there was also a boom in ICO funding program. Many startups issued their own cryptocurrency in exchange for money to build their business and share their benefits with their potential investors, whereas some other people have made it a scam instead.
Google's top priority is improving the Ads quality
The search giant also owns Youtube, and therefore, it has a heavy pressure of ads. Also, the company has been criticised by the press and politicians for allowing everything from radicalisation to profiting from addicts on its platform through lax policing of content and advertising. So, Google removed 3.2 billion "bad" ads last year.
Spencer said that
" Improving the ads experience across the web, whether that's removing harmful ads or intrusive ads, will continue to be a top priority for us".
On the one side, companies want to explore their ICO industries and raise funds for their projects through advertising on better platforms like Facebook and google. But, on the other side Facebook and Google are putting restrictions on these advertisements. Why So? What do you think Steemians? Please share your views and opinions with me in the comment section below.
Really, even I couldn't understand why social media platforms are banning ads. Bitcoin fell by 9% after Google announced its news of ban. This will lead to negative impression of altcoins on investors.
In reality, cryptocurrencies were first created in order to have a simple and balanced way of transactions between countries. This is been taken in a wrong way.
Thanks @Puja for sharing your valuable thoughts.. Hope these restrictions will be removed soon by the search giant as well as other social networking sites... At least for genuine ads of ICOs and cryptocurrencies...