Google joins Facebook, bans cryptocurrency ads

Back in January 2018, Facebook banned ads that promote virtual coins on its platform. And now, Google is following suit: it will not allow cryptocurrency ads to run on its platform.

And so it is that two of the internet’s power houses have taken the decision to ban crypto-currency ads. Google’s ban will take effect from June 2018.

Google bitcoin cryptocurrency ads

Why Is Google Doing This?

Google’s statement says that it has “updated several policies to address ads in unregulated or speculative financial products.”

It looks like the recent spate of cryptocurrency ICOs (initial coin offerings) could have something to do with it.

US authorities have disclosed that many ICOs are being conducted illegally. Some countries are already taking steps to checkmate ICO and related scams.

Also, some companies that trade crypto have already gotten into trouble with governments in North America for promoting Bitcoin and other cryptocurrency as investment schemes.

Google’s director of sustainable ads, Scott Spencer, told CNBC, “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.”

The Message To You

Clearly, Facebook and Google acknowledge that cryptocurrencies are in their early days and are still extremely volatile. The entire landscape feels like the gold rush once again.

As stated in our Bitcoin guide, Bitcoin – and indeed any cryptocurrencies – are not investment schemes. They are virtual currencies. While you can make money by trading margins in currencies, it is important to understand the distinction. Financial authorities seem particular about this point.

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Lastly, be careful what cryptocurrency bandwagon you jump on. Not all that glitters is gold. And as someone else much wiser has said, a fool and his money are easily parted.

Mister Mobility

I started blogging about mobile in 2004 as a fun way to share my passion for gadgets and mobile services. My other interests include digital media, speaking and teaching, photography, travelling, and dancing.

5 thoughts on “Google joins Facebook, bans cryptocurrency ads

  • March 15, 2018 at 7:46 am
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    I think I like this idea, this is to help so many people not to fall in to scammer’s trap. Google and Facebook are definitely taking the right step and I support them on this. This article is worth sharing.

  • March 15, 2018 at 7:59 am
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    The market is extremely volatile and many people have fallen into wrong hands. I want to believe it’s a sign of caution rather than a conspiracy against cryptocurrency.

  • March 15, 2018 at 9:40 am
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    Not only is it about volatility but the crypto market is largely unregulated with many crypto scam platforms offered as alternative to bitcoin.

    except for bîtcoin which is even difficult to access globally. the crpto platforms are dangerous terrain to throw your money on.

  • March 15, 2018 at 10:59 am
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    It is even more interesting to see Reddit say that it has banned cryptocurrency ads since 2016. I had no idea.

    Reddit! The home of rebels.

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