Google has released a policy banning all adverts relating to cryptocurrency on all its websites and apps. Experts in the industry have called the move unethical and heavy-handed.
Earlier this year Google announced the new restrictions in its official support blog, stating that updates to its Financial services policy will restrict advertisements for cryptocurrencies and related content (including ICO’s, exchanges, wallets and trading advice).
The restrictions also encompass other controversial financial instruments such as CFD’s, spot trading, binary options and spread betting. However, certifications can be obtained to allow advertising for some of these products.
Some have speculated that the ban has been implemented in order for Google to benefit from the release of its own cryptocurrency in the near future, considering that they still allow advertising of gambling and other related practices.
The restrictions come in light of recent research suggesting that as much as 80% of ICO’s are scams or fraudulent. While admittedly this presents a challenge to advertisers, each case should be addressed individually. A blanket ban such as this simply makes an otherwise honest industry look bad.
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