Way back in January 2018, Facebook Banned “Deceptive” Ads Related to Cryptocurrency. And now, the search giant, Google is following suit – it will not allow cryptocurrency ads to run on its platform.
When this happens, this means that two of the internet’s power houses have taken the decision to ban crypto-currency ads. The ban from Google will come into force from June 2018.
Google’s Reason For Banning Cryptocurrency ads
Google’s statement states that it has “updated several policies to address ads in unregulated or speculative financial products.”
It appears the recent upsurge in cryptocurrency ICOs (initial coin offerings) could also be a source of this ban.
US authorities recently disclosed that many ICOs are illegally conducted. And some countries are already making move to checkmate ICO and related scams.
Also, some companies that trade crypto have already gotten into trouble with governments in North America for promoting Bitcoin and other cryptocurrency as investment schemes.
Google’s director of sustainable ads, Scott Spencer, told CNBC, “We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
The Lesson In This Ban
Clearly, Facebook and Google acknowledge that cryptocurrencies are in their early days and are still extremely volatile. The entire landscape feels like the gold rush once again.
As stated in the Bitcoin guide, Bitcoin and other cryptocurrencies should not be seen as a total investment. They are virtual currencies. While you can make money by trading margins in currencies, it is important to understand the distinction. Financial authorities seem particular about this point.
Lastly, be careful what cryptocurrency bandwagon you jump on. Not all that glitters is gold. And as someone else much wiser has said, a fool and his money are easily parted.