Google to ban ads promoting cryptocurrencies

NEW DELHI: Tech giant Google has announced that as per its upcoming Financial services policy, it will prohibit advertisements promoting any kind of cryptocurrencies.

The company in an official note stated that the new policy will contain measures to restrict the advertisement of Contracts for Difference, rolling spot foreign exchange (ForEx) and financial spread betting.

The policy, to be rolled out in June this year, will also ban ads for 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).

Furthermore, ads for aggregators and affiliates for Contracts for Difference, rolling spot ForEx, financial spread betting, binary options and synonymous products, cryptocurrencies and related content will no longer be allowed to serve. 

The company further stated that advertisers offering the aforementioned features will be required to be certified by Google before they can advertise through AdWords.

To be certified by Google, advertisers will need to be licensed by the relevant financial services authority in the country or countries they are targeting; ensure their ads and landing pages comply with all AdWords policies; and comply with relevant legal requirements, including those related to complex speculative financial products.

The company stated that advertisers can request certification with Google starting March 2018, soon after the application form is published. However, certification will be subject only to select countries.

Bitcoins and other forms of cryptocurrencies have gained widespread popularity in the recent past. However, they have been shunned as illegal forms of tender.