The Internet-search giant is also restricting ads for financial products including binary options, a risky derivative with an all-or-nothing payoff.
A bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017.
She said: "In 2017, we took down more than 3.2 billion ads that violated our advertising policies, which is more than 100 bad ads per second". "This year, we updated several policies to address ads in unregulated or speculative financial products", said Google director sustainable ads Scott Spencer.
On Wednesday morning, Google announced it will begin blocking all advertisements related to cryptocurrencies and related content, including initial coin offerings and exchanges.
A spokesperson for Google said the policies of the company will attempt to anticipate the same.
Google LLC updated its policy to ban cryptocurrency related ads by June.
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The denouncement of ads from major Ad-hosting services isn't a good sign for future cryptocurrency prices.
The company also said it reviewed more than 11,000 sites for suspected violations of its policies on misrepresenting content; more than half were blocked, and 90 publishers had their accounts closed.
She said that Google pulled out the bad ads with the aid of policies, technology and people. Then, it removed over 3.2 billion bad ads past year. Scammers are using "crypto-jacking" or putting lines of code in websites or ads to surreptitiously harness the computing power of the web surfers who look at them. Facebook introduced a crackdown on Bitcoin and other cryptocurrency marketing in January 2018, as part of an effort to prevent their users from being exposed to misleading or deceptive promotions regarding altcoins, ICOs and cryptocurrency trading.
We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.
Bitcoin, an unregulated cryptocurrency built upon the decentralized ledger called blockchain, has earned the ire of governments and regulatory bodies globally for a number of reasons, including volatility and lack of oversight. Even if a company is known to be on the up-and-up, it will not be allowed to advertise cryptocurrency trading services or products via Google. "But such policies to blanket ban certain products will have an adverse impact on its adoption as well", Mishra told IANS.