Google has announced that it is banning cryptocurrency related ads from its vast advertising network, effective in June 2018. The move by Google comes just after Facebook did the same in January.
‘’In June 2018, Google will update the Financial services policy to restrict the advertisement of Contracts for Difference, rolling spot forex, and financial spread betting.In addition, ads for the following will no longer be allowed to serve: Binary options and synonymous products and cryptocurrencies and related content’’ the company said.
The move also comes as cryptocurrencies, especially ‘’initial coin offerings’’ of new digital tokens have come under increasing scrutiny by regulators from across the world.
The US Securities and Exchange Commision (SEC) just the other day raised concerns about unlawful online platforms trading digital assets.
‘’The SEC staff has concerns that many online trading platforms appear to investors as SEC-registered and regulated marketplaces when they are not. Many platforms refer to themselves as “exchanges,” which can give the misimpression to investors that they are regulated or meet the regulatory standards of a national securities exchange.’’ the commission said in a statement.
In Kenya, the Central Bank of Kenya last warned Kenyans against using cryptocurrencies saying they “not legal tender in Kenya”. In past statement, the CBK said because digital currencies aren’t legal tender, ‘’no protection exists’ should the platform that holds the virtual currency fail.
Google says it is not only banning cryptocurrency ads themselves, but also ‘’initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets as well as cryptocurrency trading advice.’’