No More Cryptocurrency Ads On Google SitesJake Cooper | 22 Mar 2018
Internet service provision giant Google has long had a liberal stance when it comes to the advertising of financial products like binary options trading, initial coin offerings, cryptocurrencies and contracts for difference (CFDs). However, a new move has seen the firm tighten its policies when it comes to all of the aforementioned services, banning many of them outright when it comes to internet-based advertising.
The global company has now implemented a strict ban on all adverts that promote services like binary options, cryptocurrency trading, financial spread and skin betting, and CFDs on all of its platforms. The firm was due to introduce its new policies later this year in June, but chose to change the date to an earlier one as suspicions around high-risk financial services have soared.
One of the ban’s most notable features is a complete barring of all cryptocurrency-related content, which just a few months ago were hailed as a revolutionary development for the finance industry. Google’s policy now forbids the advertising of initial coin offerings and cryptocurrency wallets, exchanges and trading advice, among other widespread services.
Advertisers Must Get Certification
Advertisers who are found to be promoting CFD products, financial spread betting, and rolling spot forex will soon be required to obtain certification through Google itself before they can market these services through AdWords. Certification will only be made available in a handful of specific countries, and advertisers will also need licenses from all relevant financial services authorities in the territories they wish to target with their ads.
Furthermore, advertisers using Google products will also be required to ensure that their landing pages and adverts are in line with AdWords’ new policies. The adverts and their creators should also comply with each country’s legal requirements that pertain to the offering of a variety of relevant financial services.
Google Follows Facebook’s Moves
Google’s move has come just weeks after social media behemoth Facebook also opted to ban the advertisement of cryptocurrency-related products on its platforms. The international media firm has long monetised its websites through the offering of adverts from businesses, but cryptocurrency ads have now been restricted to protect Facebook users from the ever-growing rate of scams that are affiliated with the services in question.
Gambling regulators have also long debated the safety and reliability of cryptocurrencies when it comes to investment and trading, criticising their constantly fluctuating values and anonymous natures – which could potentially pave the way for money laundering and other illicit activities. Many countries have chosen to ban cryptocurrency trading outright, while others are putting increasingly stringent measures in place to protect their consumers.