On March 12, an article was published on KryptoMoney.com, which mentioned that according to some anonymous reports, google is cracking down cryptocurrency and ICO ads. On the very next day, March 13, Google officially announced to ban ads related to cryptocurrencies and ICO and other financial services, starting from June. According to Google, this has been done in order to prevent users from falling prey to cryptocurrency scam ads or investing in dodgy initial coin offers (ICOs).
This is going to apply both to space on Google’s own platforms, like YouTube as well as to the third-party websites where Google sells advertising space.
The announcements states:
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
- Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)
While, Google has come with an official news now, Facebook had already announced that it would enforce a similar policy that bans cryptocurrency advertisements. As obvious, Google is the number one search Engine and Facebook is the most used social media network. Therefore, targeting at the cryptocurrency related advertising at these platform is almost like banning majority of the ads.
Google has not explained in details the reasons of its ban, but the company said, content related to cryptocurrency “including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets and cryptocurrency trading advice.”
There is a growing sense of cynicism around the cryptocurrency craze. The surge in prices for most of these cryptocurrencies and their subsequent advertisements on highly used internet platforms has raised certain concerns and potential threats by scammers.
Most of this activity caught attention from the regulators in the U.S. have been increasingly scrutinizing cryptocurrency projects that apparently sell unrealistic investment opportunities and promote themselves to investors over the internet.
American regulators also mentioned that most of the ICO’s are mostly illegal, this led to a dip in the prices of most cryptocurrencies and also withdrew a lot of advertisements.
The restrictions that Google has placed on the advertisement of these cryptocurrencies and its promotion, is similar to restricting counterfeit items, like sexually explicit content and scams.
So now after Google and Facebook has banned Cryptocurrency and ICO ads, here are some of the strategies that should be adopted for cryptocurrency and ICO marketing.
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.
Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.