Google is primed to ban cryptocurrency ads and initial coin offerings (ICO) from its network.
While Facebook made the same move in January to reduce ads “frequently associated with misleading or deceptive promotional practices”, Google has moved against the ads amid its increased scrutiny from regulators.
Google AdWords announced the ban will come into play in June, also restricting promotions for cryptocurrency exchanges, cryptocurrency wallets and cryptocurrency trading advice.
Scott Spencer, Google ad executive, told CNBC: “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 or potential for consumer harm that it's an area that we want to approach with extreme caution.”
The announcement comes just after Google released its Trust and Safety ads report which revealed it removed more than 3.2 billion ads in 2017 in violation of its rules, nearly double the volume of the previous year.