The company also said ads for aggregators and affiliates for the following will no longer be allowed to serve: Contracts for difference, rolling spot forex, financial spread betting, binary options and synonymous products, cryptocurrencies and related content. Google confirmed its plans in its latest "bad ads" report, where it revealed that over the course of 2017, it took down 3.2 billion advertisements that violated its policies. "This year, we updated several policies to address ads in unregulated or speculative financial products", said Google director sustainable ads Scott Spencer.
According to the announcement Google has made on Wednesday morning in a blog, the company wants to join Facebook's action of banning on advertisements as well as contents related to the crypto currency that comprises initial coin offerings (ICOs), trading advice and wallets.
The policy will be implemented across its platforms, including Facebook, Audience Network and Instagram, the company said.
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Google bans cryptocurrency ads. "And, we removed 66 million "trick-to-click" ads as well as 48 million ads that were attempting to get users to install unwanted software", the company stressed.
Google said it blocked more than 12,000 websites for copying content from other sites, suspended 7,000 AdWord accounts for tabloid cloaking - where scammers pretend to be news to game Google's system - and blocked more than 79 million ads that tried to direct people to malware websites. More than 3.2 billion ads were removed previous year, an average rate of 100 per second.
Last year, Google removed 320,000 publishers from its ad network for violating its publisher policies and blacklisted almost 90,000 websites and 700,000 mobile apps.
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With Google and Facebook both agreeing that Cryptocurrency advertisments are unsafe, this should ideally eliminate a significant portion of advertising scams surrounding cryptocurrency.
Google also blocked 79 million ads in its network for attempting to send people to malware-laden sites and removed 400,000 of these unsafe sites past year. The social networking giant updated its ad policy in January to ban financial products often associated with deceptive practices, including those involving cryptocurrencies such as bitcoin.
Users would also have to "comply with relevant legal requirements, including those related to complex speculative financial products".
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She said that Google pulled out the bad ads with the aid of policies, technology and people.