Alphabet Inc. (NASDAQ: GOOGL) Google announced on Wednesday that it plans to ban all unregulated or speculative financial products such as binary options, cryptocurrency, foreign exchange markets and contracts for difference (CFDs) beginning in June 2018.
Google’s ban on cryptocurrency ads will not only include the digital coins itself, but initial coin offerings (ICO), cryptocurrency exchanges, wallets, and even trading advice will all be banned from the site.
In a separate blog post, Google also updated its financial services policy, saying that advertisements for contracts for difference, rolling spot forex, financial spread betting, and binary options will be restricted.
Bitcoin prices fell by 5.3 percent on Wednesday morning.
Google is following in the steps of Facebook Inc (NASDAQ: FB) who also banned ads related to cryptocurrency back in late January. Both Google and Facebook wanted to ensure its users safety on their platforms without having to worry about potential scams.
Although Facebook pushed to ban cryptocurrency related ads, adverts will still able to upload their ads onto the social media site by mispelling or tweaking words to bypass the the policies. A Google spokesperson acknowledged the issue and says the company will work around it.
Google’s Director of Sustainable Ads, Scott Spencer released an annual advertisement removal report for 2017. Spencer says that Google was able to take down more 3.2 billion ads, increasing substantially from 2016’s report of 1.7 billion.
“Our work to protect the ads ecosystem doesn't stop here—it's ongoing. As consumer trends evolve, as our methods to protect the open web get better, so do online scams. 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.” concluded Spencer.