Google announced a ban on cryptocurrency related ads from all their Google advertising platforms effective June 2018 in an effort to minimize fraudulent activity involving cryptocurrencies on the internet.
Image from Google Advertising Policies
This means that starting June 2018, there will be no more ads on cryptocurrencies, crypto exchanges, initial coin offerings (ICOs), crypto wallets, and the like. This policy applies to all their products and advertising platforms including YouTube and Google AdWords.
Many crypto scammers have taken advantage of Google advertising to get word of their scams across the internet. These deceptive ads have caused enough consumer harm for Google to decide on banning them indefinitely.
Social media platform Facebook has also gone the same route back in January when they banned ads that promote cryptocurrencies, calling the ads “misleading” and “deceptive” promotional practices.
Image from Facebook Advertising Policies
Legitimate crypto companies will find it difficult to advertise their products and services and legitimate start-ups with good projects will have a hard time raising funds via ICOs if they cannot advertise in the most used platforms in the internet.
Bitcoin and other cryptocurrencies suffered a price plunge following Google’s announcement. Bitcoin’s price started to go down March 8 when the first news of a possible crypto ad ban would happen. The price did recover but plunged again as the official news got out.
Bitcoin Chart from Coindesk
Even with the falling prices, there may still be a silver lining in all this. Legitimate companies will have to work harder but crypto scams will not have as much exposure as they do now. They will have fewer avenues to spread their scams making the crypto community somewhat safer.
What do you think about the Google ad ban? What do you think are the best alternatives legitimate companies have? Comment your thoughts down below!
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