Mimiccing its biggest rival for ad dollars - Facebook - Google will ban online advertisements promoting cryptocurrencies and initial coin offerings, and "other speculative financial instruments" starting in June.
Some aggressive businesses found a loophole: purposely misspelling words like "bitcoin" in their ads. A Google spokeswoman said the company’s policies will try to anticipate workarounds like this.
The reaction was immediate across the crypto space but for now is somewhat subdued...
Alphabet’s Google said the new policy will become effective in June across ads bought on its search and display-advertising network, as well as its YouTube unit.
But, as The Wall Street Journal reports, the policy also will restrict ads for nontraditional methods of wagering on the future movements of stock prices and foreign-exchange, such as binary options and financial spread-betting, Google said.
Google said last year it removed more than 130 million ads that were used by hackers to mine for cryptocurrency. That is a very small percentage of the ads run on Google’s ad network.
The company’s director of sustainable ads, Scott Spencer, declined to comment on how much potential ad revenue the company would be turning away by enacting the new policy, saying the decision was made to prevent consumer harm.
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