Google provided an updated financial services policy on Wednesday that announced the company’s plan to ban all cryptocurrency-related advertisements, effective in June. The move follows a similar announcement from Facebook in January. Google and Facebook are the two largest platforms providing online advertising content.
In the announcement, Google identified several types of ads that it will no longer serve, including, “Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice).”
The ban also includes cryptocurrency-related ads from “aggregators and affiliates” and YouTube advertisements.
A report from Yahoo Finance suggested that the company may share Facebook’s concerns about the “many companies who are advertising binary options, ICOs, and cryptocurrencies that are not currently operating in good faith.” The article also suggested that Google's actions might be a response to a recent cryptojacking plot in which illicit actors were using malicious code embedded in Google advertisements to mine cryptocurrencies.