Google is set to follow in the footsteps of Facebook by banning all advertisements related to cryptocurrency. The ban, which is expected to come into effect from the start of June this year, was stated on a help page by Google.
This ban will not just be limited to Google itself, but will also enter into effect for all of the advertising networks coming under Google’s watch. The ban will be applicable for ads shown on third-party apps, search results and YouTube.
Some Ads to be Allowed
Besides just mentioning when the ban will come into account from, Google also spilled the beans regarding the content that will be banned. The ban is not to be implemented in totality and certain entities would still be able to advertise limited content related to cryptocurrencies.
These advertisers will be required to get a certificate from Google, before putting their ads up on the site. The downside to this is that the application process for the certificates will only be available to entities coming from specific countries. Although, Google has not provided a concrete list of countries that will benefit from the inclusion of the application process, we do know that the advertisers will require license from relevant financial agencies in the country. Google mentioned that these advertisers will have to “comply with relevant legal requirements, including those related to complex speculative financial products.”
The cryptocurrency market suffered a big jolt after Google made this announcement today. Prices for all cryptocurrency traders went down and most coins are expected to lose further value going down the line.
Scams and Phishing Sites
Although Google has not listed reasons behind the ban on these ads, we expect them to be similar to what was cited by Facebook. Facebook mentioned that these ads were stopped in a bid to put an end to misleading content that abused digital traffic for financial scams and for driving it towards phishing sites.
There has lately been a big surge in phishing and malware campaigns targeting owners of cryptocurrency and it is expected that both these tech giants have taken these steps up as a form of prevention.
