Google Up in Arms Against Cryptocurrencies

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Google banning cryptocurrency-related advertising, as the company has set to upgrade all its ad policies related to the financial services.

Google has recently announced that it will ban online advertisements promoting cryptocurrencies and initial coin offerings in June, as a part to crackdown on the marketing of an emerging breed of high-risk financial product.

The search giant Google is also imposing a ban on ads for financial products including binary options, a risky contract with an all-or-nothing in reward. Future advertisement of these products will require a certification process through Google.

Joe McCann, founder and CEO of NodeSource said in an email statement the Google's crypto ban only further validates this new asset class.

Encouraged by country leaders and banks, major advertising companies have been banning cryptocurrency related-ads on their platform due to the uncertainty surrounding scams and illicit activities using crypto. The move follows a similar decision by Facebook in January.

Users aiming to purchase Google Ads of any sort will no longer be allowed buys for cryptocurrency or related content.

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Google did not provide a list of countries, but said the advertisers will have to be licensed by relevant financial services and "comply with relevant legal requirements, including those related to complex speculative financial products".

"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception", the Facebook statement read.

All this purging amounted to the removal of two million pages for policy violations a month in 2017, while after expanding its policy against "dangerous and derogatory" content to cover additional forms of discrimination and intolerance, Google removed ads from 8,700 pages.

The company removed thousands of bad ads and websites from its advertising network past year as it improved the technology it uses to police its system.

The announcement also appeared within Google's "bad ads" report, in which the company said it removed 3.2 billion malicious, deceptive and controversial advertisements from the web in 2017-an increase from the 1.7 billion it scrubbed in 2016.