Ads for virtual currency, initial coin offerings, wallets and digital transactions will be banned by Google starting with June of this year in order to prevent illegalities. In January of 2018 Facebook has decided to take the same measure.
Google will ban all ads about virtual coins, including bitcoin and ICOs ( initial coin offerings ) in an attempt to prevent fraud.
This measure will enter in effect in June of this year. Scott Spencer, who works at Google as a director for sustainable ads, said that Google has updated the policy regarding ads on speculative financial products such as binary options, virtual currency, international exchange markets and others.
Google announced that the ban will include crypto transactions and electronic wallets. Also, Google will ban some gambling ads.
Coins similar to Bitcoin, such as Ethereum, have recorded a large increase in popularity in the last few weeks, fueling the rapid value growth. For example, in 2017, the value of a Bitcoin hit $20,000 and right now the value of a Bitcoin is about $8800.
Transactions with virtual currencies have attracted a lot of thieves because they work on a black market, and ICOs can generate millions of dollars who can disappear overnight along with the managers of the respective financial schemes.