With Google’s ban on cryptocurrency advertising set to formally come into full effect this month, many representatives of the cryptocurrency and investment industries have spoken out against the company’s move.
Also Read: Russian Court Overturns Decision to Block Bitcoin Website
Google Ban Expected to Come Into Effect This Month
Google announced that it would ban cryptocurrency advertising on its platform in March, following numerous anecdotal reports of declining ad performance on the company’s platforms from companies promoting initial coin offerings (ICOs). The move followed the implementation of similar advertising restrictions on Facebook.
The post stated that ads promoting “Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice” would no longer be served on the company’s platforms “In June.”
Business Community Criticizes Crypto Ad Ban
The prohibitive policy regarding cryptocurrency adverts has garnered criticism from the community.
Revolut’s head of mobile, Ed Cooper, stated of the ban “Unfortunately, the fact that this ban is a blanket ban will mean that legitimate cryptocurrency businesses which provide valuable services to users will be unfairly caught in the crossfire. A more targeted approach would definitely be preferable: it would seem heavy-handed for example to put a blanket ban on all ads for job postings, anti-virus software or charities just because ads for these products and service are also sometimes used as an entry point by scammers to target consumers.”
The chief executive of UK-based investment firm Blackmore Group has accused Google of banning cryptocurrency ads due to harboring intentions of developing its own cryptocurrency. “I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and
