Tech companies have been going strict on cryptocurrency advertising over the past few months. Especially after the rise in ICO frauds, organizations which deal in advertising on the internet have gone strict on advertisers. Facebook was one of the biggest names to put a blanket ban on all cryptocurrency related advertisements. It appears that after Facebook’s ban, Google may be the next major name to ban, or at least put some limitations on cryptocurrency ads.
A number of Google Adwords users who have been dealing in cryptocurrency related ads have been reporting that their accounts have been suspended or terminated. Some other users working on crypto ads claim that their views have been dropping. This drop in viewership is being attributed to the fact that certain cryptocurrency related ads, especially those relating to Initial Coin Offerings (ICOs) are being limited by Google.
Ads defined as ‘limited’ means that they will get approved by Google’s systems, but will not be displayed to a certain demographic of people depending on their age group, devices, or regions. Interestingly, it isn’t just those dealing in ICO ads, but many who talk about the blockchain technology or cryptocurrencies, in general, are also facing limitations or suspensions. A user stated that her blockchain company’s adwords account was terminated due to ‘misrepresentation’. She stated:
“I have analyzed the website that is www.blockobi.com completely and I couldn't find any reason that is violating google policies. Our business is "blockchain technology development" and we provide services in UAE. Please suggest what I have to do in this regard as Google team is not telling exact issue/concern of suspension of our account.”
Finance Magnates, the website which broke this news about crypto advertisers facing limitations states that Google has responded to them stating that there is no change in their financial services regulations and that they have not banned cryptocurrency or ICO related ads. This leaves only one explanation about these suspensions and terminations - the companies which were advertising on Google’s platform may have possibly hidden some facts from viewers of the ads such as cryptocurrency investments are subject to risks, etc.
In the past, Google has shown quite a positive outlook towards crypto ads. When they were asked by a Canadian court to regulate or stop cryptocurrency ads, Google responded by saying that would lead to limiting an entire industry from advertising on Google’s platform. Facebook stunned the world when they banned cryptocurrency ads - leading to a large influx of cryptocurrency advertisers heading to Google’s ad services. Facebook had banned these ads over “misleading or deceptive promotional practices.”
An unnamed source told Finance Magnates that Google too is considering on banning these sort of advertisements on their platform. However, for now, all ads that comply with Google’s policies and warn the users about the risks of investments are allowed. Stay tuned with us as this story develops.