Google crackdown after surge in 'bad ads' is paying off

Bitcoin the largest cryptocurrency by market value pared an advance of about 2% after Google’s announcement

And that focus is being directed towards crypto advertising as well as other unregulated financial products such as binary options.

A bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017.

Earlier in the day, Google indicated that it would ban every type of advertisements for cryptocurrencies.

The updates are created to protect users from "ads in unregulated or speculative financial products", Google's director of sustainable ads Scott Spencer said in a March 14 blog.

The company is updating its financial services ad policy to ban ads related to cryptocurrency products and services like initial coin offerings, exchanges, wallets and trading advice.

Google says it is moving to bar cryptocurrency advertisements from its platform.

Google said it updated its policies, expanding its policies in April to cover forms of discrimination and intolerance beyond hate speech protections. that led to the removal of Google ads from 8,700 pages.

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Facebook Inc., banned crypto related ads in January.

"We equally removed 66 million "trick-to-click" ads as well as 48 million ads that were attempting to get users to install unwanted software". "We've had long-standing policies prohibiting AdSense publishers from running ads on sites with dishonest content". Then, it removed over 3.2 billion bad ads past year. Right now, Google queries for terms like "binary options" and "buy bitcoin" produce four ads at the top of the results.

With Google and Facebook both agreeing that Cryptocurrency advertisments are unsafe, this should ideally eliminate a significant portion of advertising scams surrounding cryptocurrency.

We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. The company also says that it blocked almost 90,000 websites and 700,000 mobile apps "for policy violations".

Cryptocurrencies are known to be notoriously volatile, so some governments are working to clamp down on the digital money.

The update to its financial services policy comes into effect in June and will hit a wide range of products and services, with the primary focus of the statement being contracts for difference (CFDs), rolling spot forex, and financial spread betting. "But such policies to blanket ban certain products will have an adverse impact on its adoption as well", Mishra told IANS.

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