Economy

Google to pull the plug on all cryptocurrency ads

Google to pull the plug on all cryptocurrency ads

Online-advertising platforms are taking a hard line against cryptocurrencies like bitcoin.

Big advertisers have demanded that both companies, which gobbled up more than 60% of spending on digital ads in 2017, do more to remove objectionable and illegal material from their platforms.

Google will ban all adverts for cryptocurrencies, including bitcoin and initial coin offerings (ICOs), as it seeks to "tackle emerging threats".

In 2017, we took down more than 3.2 billion ads that violated our advertising policies.

Google didn't offer a specific reason for its ban on cryptocurrency advertising, but I would assume that its reasons are similar to Facebook and Twitter.

The company said the ban applies to all cryptocurrencies "including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets and cryptocurrency trading advice".

YouTube chief executive Susan Wojcicki also said yesterday that YouTube was limiting the number of hours its content moderators would look at disturbing videos to four hours per day, due to the strain disturbing and violent content was having on their mental health, according to The Verge.

From June, all cryptocurrencies, and binary options adverts will disappear from Google, Alphabet Inc.'s Google announced the decision Wednesday.

The search giant also claimed to have suspended 7,000 AdWords accounts for "tabloid cloaking" violations - up from 1,400 in 2016 - where scammers try to sell diet pills and weight-loss products by buying ads that look like sensationalist news headlines but ultimately lead to "something other than news".

Google's director of sustainable ads, Scott Spencer, told the Wall Street Journal that the advertising policy update was created to "prevent consumer harm".

He wrote in a blog post: "We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception".

Google zapped a year ago more than three billion ads, nearly twice that of 2016. "As consumer trends evolve, as our methods to protect the open web get better, so do online scams", Spencer said.

Once news of Google's new policy began making the rounds, cryptocurrency markets didn't react very favorably.

Google's Director of Sustainable Ads further pointed out that the corporation plans to introduce an upgraded certification process for facilities for rehabilitation, making it easier for centers for addiction treatment to reach out to consumers with problem behavior, including gambling addicts and people showing patterns of problem gambling behavior.


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