Google will ban all ads related to cryptocurrency

Google says it is moving to bar cryptocurrency advertisements from its platform.

{mosads}The company is updating its financial services ad policy to ban ads related to cryptocurrency products and services like initial coin offerings, exchanges, wallets and trading advice.

The policy changes are slated to go into effect in June, according to a company post.

Google’s decision follows a similar move by Facebook, which decided in January to ban all cryptocurrency-related ads.

Twitter said earlier this month that it is also taking steps to crack down on cryptocurrency advertisements, but has not yet taken as strong a stance as Facebook and Google.

While some cryptocurrency advertisements are for legitimate companies, such ad platforms have become hotbeds for cryptocurrency-related scams. Cryptocurrencies have experienced a boost in consumer interest after digital assets like ethereum, bitcoin and others exploded in value over the past year.

In Google’s yearly trust and safety advertising report, the company said it took down 3.2 billion ads last year that it found to be in violation of its policies, a jump from the 1.7 billion it took down in 2016.

Google endured scrutiny in 2017 after advertisers pulled ads from YouTube over reports of ads showing up alongside inappropriate videos of children and alongside extremist content.