14 March, 7Marketz.com – In the latest news, Google plans to ban cryptocurrency-related advertising activities of all types starting as early as June 2018.
Google's 2018 ads policy: Google bans ICO and Crypto ads
The recent update to Google’s financial services advertising policy emerges just some days after cryptocurrency advertisers using Google Adwords have spotted a significant decrease in the number of views.
The new Google’s financial products policy aims to restrict the advertisement of Contracts for Difference, rolling spot forex, and financial spread betting.
Following on this, the advertisement for the following products will no longer be allowed, as per the official Google’s publication, to serve:
- Binary options and synonymous products
- Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)
The publication on Google’s support page also stated that the advertisement for aggregators and affiliates for the following will no longer be allowed to serve:
- Contracts for Difference
- Rolling spot forex
- Financial spread betting
- Binary options and synonymous products
- Cryptocurrencies and related content.
Google’s Director of Sustainable Ads comments
The Director of Sustainable Ads at Google, Scott Spencer has revealed in his blog today that Google will be taking measures to emerging threats. These new threats are according to Scott Spencer speculative financial products like binary options, cryptocurrencies and ICOs;
Our publisher policies exist to help us maintain that balance, even as trends change online. This year, we updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs).
In the continuous battle against deceptive content and online ads, the director commented that it will not stop here with the new policies for ICOs and cryptocurrency. Scott Spencer is stern and committed to tackle all of the upcoming trends that violates Google’s rulebook;
Our work to protect the ads ecosystem doesn't stop here—it's ongoing. As consumer trends evolve, as our methods to protect the open web get better, so do online scams. Improving the ads experience across the web, whether that's removing harmful ads or intrusive ads, will continue to be a top priority for us.
Google Follows Facebook’s path?
Furthermore, it is worth to note that this move will affect all of Google’s ad products. This implies that the companies will not be able to serve cryptocurrency related ads on Google’s sites and on the third-party sites within its network.
Notably, Facebook has implemented the similar ban on the cryptocurrency related advertisements earlier this year. According to the Product Management Director of Facebook, Rob Leathern, the new Facebook policy bans ads that specifically promote the types of services and products “that are frequently associated with misleading or deceptive practices.”
In fact, after Facebook has banned the crypto-related ads on its network, the Canadian and other regulatory authorities have been calling for Google cryptocurrency advertisement ban.
In addition, some of the online reports state that cryptocurrency ads have been disappearing from a number of Chinese social media websites in relation to the China’s ICOs and cryptocurrency exchanges ban.
What ICOs can do to overcome these ad challenges?
7marketz EMEA team discussed the AdWords updated Policy with Google Lithuania representatives. Google team has been very open to help serve ads of the true innovators in blockchain industry and stated that promoting ICO does not have to go in hand with promoting a project. That being said, nothing is stopping you from creating a good ad copy and banners to tell the world about what is it that your project is about, without a specific focus on your ICO activities. Same applies for Facebook and any other future platform to set restrictions in the same direction.
Do you believe that Google has taken a step into the right direction? Can these new policies reduce the number of scams in the ICO and Crypto markets? Share with us your thoughts and remarks.