Google announces that like Facebook it will not allow ads for ICOs or cryptocurrency starting in June. Google has the balls to say it is saving its users by not allowing this type ads but it allows the following ads: Vitamins which had no proof they work, Weight lose pills, Hair growth products, Gun ads along with accessories, Sports betting prediction services, Psychics and other questionable ads. Google singles out ICO ads like the public needs them to shelter them from making a bad judgement call in what they invest their money in. What about the car industry will they stop running car ads for cars that use a lot of gas or have recalls? Maybe they should police YouTube and its shopping section or is that their bread and butter and they only want to hurt a smaller sector. It will be humorous to see when google has to except cryptocurrency some day what they say then. This is the problem when a company controls the content and ads on the internet.
For context, Google has lumped in the announcement together with the ban of ads for binary options, forex and financial spread betting. Google appeared to have started quietly restricting cryptocurrency-related ads as early as last week, with some advertisers seeing significant performance drops for ICO-related ads.
Google’s decision follows a similar one from Facebook, which banned cryptocurrency ads on its site in January. The reasoning was that these ads are “frequently associated with misleading or deceptive promotional practices.” And Twitter also said it will take steps to combat cryptocurrency-related spam.
On Wednesday, Google published its annual report on “bad ads” — ads that violate the company’s advertising policies. In it, the company says it has updated its policies to “tackle emerging threats,” and classifies cryptocurrencies under “unregulated or speculative financial products.”
The most popular cryptocurrencies largely remained unfazed by the news. Bitcoin currently trades at $9,162, a 1.09 percent drop in the last 24 hours, while Ethereum trades at $691, a 1.57 percent drop in the same period.