Business Essentials for Professionals


Cryptocurrency Crackdown Policy Sees Google Banning All Form Of Cryptocurrency And ICO Ads

Cryptocurrency Crackdown Policy Sees Google Banning All Form Of Cryptocurrency And ICO Ads
Google has been attempting to tackle all forms of emerging threats on its platforms and as a part of that strategy, the online search engine company has announced that starting June, it will stop all forms of advertisements that seek to promote cryptocurrencies and initial coin offerings. 
The company has been part of a process of clamping down on unregulated financial products and the ban of crypto currency ads is part of that process. “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)”, said Google’s director of sustainable ads, Scott Spencer, in a blogpost. 
Cryptocurrency exchanges and wallets would be included in the ban, said Google.
Additionally, Google is also attempting to “combat new threats and improve the ads experience online”, and as a part of that effort, it will also start banning and preventing some advertisements that are related to some specific forms of gambling like those games and services that make use of virtual items that are valued against real world money and which are known as skins betting,
In January, Google rival Facebook also banned all forms of adverts related to virtual currencies and ICOs after the company noticed that its platform was being used by many such advertisements to con possible investors. Google’s latest move follows that move by Facebook.
“As consumer trends evolve, as our methods to protect the open web get better, so do online scams,” said Scott. “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.”
In the last couple of years, there has been an explosion of interest in bitcoin and other virtual currencies such as ethereum which has enhanced the popularity of such currencies resulting in an astronomical growth in value of some of the cryptocurrencies – led by bitcoin which hit a highest value of just under $20,000 in 2017. According to data from Bitstamp, the value of bitcoin following the google announcement was around $8,000.
Because of the fact that cryptocurrencies are virtually unregulated by governments and regulatory authorities, and with millions of dollars being raised through issuing of ICOs which can very easily be siphoned away without any trace whatsoever, scamsters have been attracted to the world of virtual currency. Investors are at the most risk. 
Google has blocked what it terms as the “majority of bad ad experiences” which included malvertising and phishing scams. More than 3.2 billion advertisements which had violated the announced policies of the company in 2017 were banned or removed, Google said.
Advertising accounts for about 85 per cent of the total revenues for Google’s parent company Alphabet. According to estimates, more than $40 billion in ad revenues would be generated by the company over the course of 2018 which is nearly half of the total global online advertisement revenues which is $94 billion. The estimated revenues would be more than Facebook which generates revenues of about $22 billion and is placed second in terms of ad revenues.

Christopher J. Mitchell

Markets | Companies | M&A | Innovation | People | Management | Lifestyle | World | Misc