Google has announced that it will ban all advertisements promoting virtual currencies – also known as cryptocurrencies – from June.
The decision comes a little more than a month after Facebook banned advertisers from boosting content pertaining to Bitcoin, Ripple and all other virtual currencies.
Big G noted that there are more than three billion ads in violation of its policies, some of which are used to promote non-existent funding rounds for emerging cryptocurrencies.
“In June, Google will update the Financial services policy to restrict the advertisement of Contracts for Difference, rolling spot forex, and financial spread betting,” the firm revealed.
It then added that ads for the following will also be prohibited:
- Binary options and synonymous products
- Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and trading advice)
A recent report revealed that fraudsters were using Facebook Ads Manager and Google AdWords to promote various fraudulent get-rich-quick schemes.
The most notable of which is a scam that offers users the chance to purchase tokens through unregulated exchanges that charge extortionate processing fees.
Facebook’s endeavour to put an end to adverts promoting virtual currencies had a major flaw: people were circumventing the ban by misspelling words.
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Google told Bloomberg that it will have systems in place to detect such workarounds.
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