After the recorded growth of scams during 2017, Google decided to ban online ads for Cryptocurrencies and initial coin offerings (ICOs), starting from June 2018. This includes banning of cryptocurrency wallets, cryptocurrency exchanges, and cryptocurrency trading advice, too.
The internet provider Google ban cryptocurrencies
Cryptocurrency like bitcoin and similar to it, become very popular in the last few years and get enormous growth in value even $20,000 per bitcoin in 2017. That fact was very attractive for trading scammers who using initial coin offerings make millions of dollars and leaving investors without money. They simply disappeared as well their operators.
So the decision of Google for banning online cryptocurrency adds become as a result of willness for preventing unregulated financial products.
Google worry about the consumers
Scot Spencer, Google’s director of sustainable advertising said that the main priority for them will be to protect the web by eliminating harmful ads across it.
In 2017 Google removed more than 3.2bn harmful adds, which described “the majority of bad ad experiences”. It is almost twice up then 2016 when the number of harmful adds was 1.7bn. Beside the cryptocurrency, the company is going to block some gambling adds, like skins betting.
But from the financial aspect, pulling of 3.2bn adds is not so lucky solution for the company impact on sales. Banning is going to cut the revenue of Google, who last year generated $95.4bn and it was 20% high from 2016.
The move for banning was made by Facebook earlier in January 2018, when all cryptocurrencies and initial coin offerings were banned after finding that many potential investors were scammed.
Fluctuation of Bitcoin
After the announcement of Facebook for banning cryptocurrency, the value of Bitcoin which fluctuate between $8,000 and $9,900, dropped about 12 percent.
In 2017 bitcoin rocked more than 1300 % with its value, but in 2018 has lost approximately 40 %.
The consumers of cryptocurrencies across the world have been warned by the regulators about the risks to invest in crypto markets, but the internet companies are in mining that there is not currently adequate protection for consumers. For that reason as a tool protection, they use the bans.
Google also announced that will stop with advertising of financial products such as binary options and similar products, then contracts got the difference, spread betting, and rolling spot forex.
The companies that want to advertise those products, have to be registered in accordance with the relevant financial regulators and after that, they could be able for advertising again.
The governments of the countries where the cryptocurrency is in use are clamping down related with digital currencies.
For example, India doesn’t accept Bitcoin as a legal currency, Korea is going to stop all domestic cryptocurrency trading and China is also clamping down on digital currencies.