Google has announced that it is going to do a shake-up on the types of adverts it will allow to be delivered via its network. One such market that will take a hit is that of cryptocurrencies and related content such as initial coin offerings, cryptocurrency exchanges, crytocurrency wallets, and cryptocurrency trading advice.
In the announcement, Google said:
“In June 2018, Google will update the Financial services policy to restrict advertisement of Contracts for Difference, rolling spot forex, and financial spread betting. In addition, ads for the following will no longer be allowed to serve:
- Binary options and synonymous products
- Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)”
In order to advertise Contracts for Difference, rolling spot forex, and financial spread betting services on AdWords, companies will require certification from Google. To get Google certification, advertisers need to be licensed with the relevant financial service authority in each country they want to advertise in; they need to ensure their ads and landing pages comply with AdWords policies; and they need to comply with relevant legal requirement, including those related to complex speculative financial products. Certification can be requested from March 2018.
Speaking on the decision, Google’s director of sustainable ads, Scott Spencer, said:
“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 of potential for consumer harm that it’s an area that we want to approach with extreme caution.”
Earlier this year, Facebook announced a similar decision to ban ads for cryptocurrencies, initial coin offerings and binary options. Both companies’ decision are fairly wise at this point in time because of the lack of regulation of the market, and the general lack of knowledge on the part of potential customers with regards to the technology. Hopefully, the decisions will be reversed in time as countries begin to regulate the market.