Google kills crypto ads for ICOs, wallets, exchanges, currencies & advice
Google announced that it will limit cryptocurrencies ads and other related content (including but not restricted to ICO (Initial Coin Offerings), cryptocurrency exchanges, cryptocurrency trading advice, and cryptocurrency wallets). Also, the company said it will restrict affiliates and aggregators concerning cryptocurrencies and associated content.
Google had also planning to limit the appearance of ICO ads on its display. “Financial Services: New restricted financial products policy (June 2018)” was published by Google on March 13th, and declared that it will update the FSP (Financial Services Policy) to limit the ads of cryptocurrencies and associated content. The rule will be executed in June 2018. By limit, the policy maintains that you may still receive some of these ads, and the banned ads might be able to get certified to appear in Google’s ad platform.
If advertisers are looking to advertise cryptocurrency ads through Adwords, then they must get a license by the reliable financial services jurisdiction in countries or country that they are focusing efforts towards. Also, they need to ensure that their landing pages and ads obey all rules identified by Google Adwords, as well as the associated legal requirements that include complex s tentative financial products. The advertisers can ask for approval with Google when the submission form is published, starting in March 2018. The rule will be relevant internationally to all accounts that publicize Financial Products.
Google’s new policy comes weeks after Facebook announced, as per the new decree issued on January 30, that ‘Advertisements should not promote any financial services and products that are mostly related to deceptive or misleading promotional practices, like ICO, binary options, or cryptocurrency”.
This heavily impacts online advertisers, as Google/Facebook divides the biggest share of the market. The advertisers also know very well of the negative consequences of faulty ads, spyware driven links, and various other related issues, which leaves negative experiences, which led to the ban.
Google has been known for clearing out its “bad ads”. Last year, the company removed over three billion ads, which is twice the number from 2016. Google emphasized that they blocked around 79 million advertisements in the network for trying to send users the websites that are loaded with malware, and the company also claims that it removed 400,000 of these dangerous websites last year. The company also removed sixty-six million ‘trick-to-click’ ads and also removed 48 million ads that were trying to make users to install unnecessary software.
It is also clearly mentioned in the post that the company is consistently updating the policies as they feel that the new threats may emerge at any time. Last year, the company included 28 new policies for advertisers and twenty policies to the new publisher to fight new threats and increase online ads experience. This year, they have updated various policies to deal with the ads in speculative or unregulated financial products like cryptocurrency, binary options, foreign exchange markets and CFDs (contracts for difference).
In 2017, Google locked-in on 100 billion USD in ad-related business, twenty percent more than the previous year. The risk for several crypto aficionados is with the power Google has on the wider market. Many individuals worry about such a large net cast might unintentionally pick up crypto businesses that have legitimate business operations.