Google, the largest provider of digital advertising on the internet, announced on Tuesday that it plans to change its advertising policy for certain financial services, including cryptocurrencies, starting in June.
An example of this is their Adsense policy introduced in late 2016 to take action on ads on misrepresentative content. Google have had long-standing policies prohibiting AdSense publishers from running ads on sites with dishonest content.
On this issue Google's Press Secretary noted that the company will take relevant steps to prevent similar attempts.
Google is joining Facebook in banning advertising for Bitcoin and other cryptocurrencies. Rival coins Ripple and Ether also pared gains. European and U.S. watchdogs have ramped up their efforts to curb fraud related to virtual currencies, and some of America's biggest banks recently banned their customers from buying bitcoin and other tokens using their credit cards.
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Facebook, Google's primary rival for ad dollars, banned ads for cryptocurrencies in January.
In China, paid advertisements and sponsored posts on cryptocurrencies have not appeared in major social networks and search engines following a ban on ICOs implemented a year ago by the country's central bank.
At present, Google queries for terms like "binary options" and "buy bitcoin" produce four advertisements at the top of the results. A Google spokeswoman said the company's policies will try to anticipate workarounds like this.
Google's updated policy came with the release of its annual "bad ads" report, a review of the number of malicious, deceptive and controversial ads Google scrubs from its massive search.
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Google took down more than 3.2 billion "bad ads" a year ago in an effort to prevent its huge advertising network from being used for nefarious purposes, up from the 1.7 billion it removed in 2016. That was up from 1.7 billion in 2016.
Last year, for instance, Google pulled 79 million ads for luring online clickers to websites with malware.
The company suspended 7,000 customer accounts for advertisements that impersonated a news article - what it calls "tabloid cloaking" - and blocked more than 12,000 websites for copying information from other publications. This is because they are using new technology to remove more bad ads and sites.
According to the search engine giant, it blocked 79 million ads on its network previous year for automatically sending people to malware-laden sites and removed 400,000 of these unsafe sites.
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