In a conference call with ITWeb, Jessica Stansfield, Google EMEA head of global product policy for monetised products, said this ban covers all complex speculative financial products, including binary options, foreign exchange markets and contracts for difference.
While Google did not provide a backdrop to the reasons it banned cryptocurrency ads, they are likely to be the same to the ones cited by Facebook -misleading ads being abused to drive traffic to financial scams and phishing sites.
Google has joined the Bitcoin-hating bandwagon with a ban on ads for cryptocurrencies and initial coin offerings from June. After expanding its policy against unsafe and derogatory content in April to cover additional forms of discrimination and intolerance, Google removed ads from 8,700 pages that violated the expanded policy.
Many website owners use our advertising platforms, like AdSense, to run Google ads on their sites and content and make money.
In addition, Google will add the following to its "restricted" list with respect to advertising: Contracts for Difference, rolling spot forex, and financial spread betting.
The post also revealed that Google paid $12.6bn to publishing partners in its ad network previous year. The price of bitcoin is down about 6 percent since the Wall Street Journal first reported the new policy early Wednesday morning.
The market for cryptocurrencies has been fraught with wild speculation about the value of such products, most notably, bitcoin, which reached nearly $20,000 in December 2017, fell below $6,000 in February, and is now ranging between $10,000 and nearly $12,000.
In a blog post on Tuesday, Google announced that it would follow in Facebook's footsteps and ban cryptocurrency ads from its network, beginning in June. READ NEXT:Fitbit launches the Versa, a $200 smartwatch for the masses Google's new policies target specific kinds of ad that it has identified as commonly deceptive or malicious.
Last year, for instance, Google pulled 79 million ads for luring online clickers to websites with malware. This block came as part of Google's annual "Bad Ads" report and included several other sorts of advertisements that'll be banned in the near future. So they regularly review, change and expand their policies, evolving what they allow and what they don't as socio-cultural trends evolve and new trends emerge. In total, 3.2 billion ads were removed from AdSense previous year for violating one or more of the company's ad policies. The tech giant removed more than 3.2 billion adverts from its network or 100 "bad" ads per second.