Google to pull the plug on all cryptocurrency ads

Company cites potential consumer harm in eliminating related marketing

Anyone looking to get their money’s worth with their cryptocurrency advertising on Google had better get their ads up now, because as of June those ads will no longer be welcome on Google sites, nor those of thirdparty websites that advertise through Google.

Google announced the crackdown on cryptocurrency ads in a company blog post Wednesday about changes to its financial-services advertising policies. Under the new guidelines, Google said that starting in June, several types of financial-related ads would be banned from its sites, including “cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice).”

And this ban doesn’t just cover cryptocurrency companies that may be viewed as sketchy or playing fast and loose in the largely unregulated market. Even if a company is known to be on the upand-up, it will not be allowed to advertise cryptocurrency trading services or products via Google.

Google’s ban on cryptocurrency ads comes on the heels of a similar action taken by Facebook earlier this year.

“We’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” said Scott Spencer, Google’s director of sustainable ads, in an interview with CNBC.

The market for cryptocurrencies has been fraught with wild speculation about the value of such products, most notably bitcoin, which reached almost $20,000 in December 2017, fell below $6,000 in February, and is now ranging between $10,000 and almost $12,000. Such wild swings have added to concerns about the legitimacy of many companies dealing in the market for cryptocurrencies and their services.

Google said that in order for financial- services companies to have their ads appear on Google sites, the company has to be licensed by “the relevant financial services authority in the country or countries they are targeting, ensure their ads and landing pages comply with all AdWords policies, (and) comply with relevant legal requirements, including those related to complex speculative financial products.”