Searches for bitcoin are down
In recent reports it appears that searches for “bitcoin” are down to the same levels they were at in October 2017 – with a score of 19. Therefore, Google’s ban on cryptocurrency ads should come as no surprise as general sentiment for bitcoin are at lows.
The Adwords ban is official
Leading up to an official announcement in a Google blog post, several Adwords advertisers of cryptocurrency exchanges, wallets and Initial Coin Offerings (ICOs) saw their ads drop in the thousands of clicks in a matter of a mere 24 hours. Advertisers report being confused about why or how their ads violated existing Google policy. Moreover, they requested action on behalf of Google to remedy the situation.
Reports indicate that Finance Magnates approached members of the Google Adwords team for an official statement on bans. Adwords denied that a change (and ban) in Google’s policy on cryptocurrency advertising had anything to do with it.
The blog post confirms that Google will amend its pre-existing list of allowed financial products in June 2018. Google will ban ad content “including but not limited to initial coin offerings (ICO), cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.”
The ban follows Facebook’s footsteps
Google’s ban comes just one month after Facebook’s announcement to ban most advertisements involving bitcoin and initial coin offerings in order to prevent cryptocurrency-style promotions that could be deceptive to investors and mass audiences. Twitter is set to follow in both Facebook’s and Google’s footsteps.
Regulation and ban are hand-in-glove
The ad bans issued by Google and Facebook are largely in accordance with the US regulatory sentiment that has been in “crackdown” mode. The desire to reduce scams and fake ICOs on both state and federal playing fields is a major concern.
As previously seen, the U.S. Securities and Exchange Commission has been quite vocal about banning dubious security-style ICOs masquerading as tokens and has issued upwards of 80 subpoenas already.
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