Google Clampdown on Cryptocurrency and ICO Advertising
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Cryptocurrency News and Talking Points
- Google’s ban on ICO advertising follows Facebook’s action in late-January.
- Ban will help clear the market of ‘bad actors’.
If you are interested in trading cryptocurrencies we have just released a new Guide to Day Trading Bitcoin and Other Cryptocurrencies to help you navigate the market.
Google Clampdown on ICO Advertising to Commence in June 2018
Internet giant Google confirmed recent market rumors and announced that it will be banning certain financial products from being advertised on its platform from June this year. The announcement, in a blog post, states:
In June 2018, Google will update the Financial services policy to restrict the advertisement of Contracts for Difference, rolling spot forex, and financial spread betting. In addition, ads for the following will no longer be allowed to serve:
Binary options and synonymous products
Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)
The company will also restrict advertising on other products including CFDs, rolling spot forex, financial spread betting and binary options and synonymous products.
Facebook announced in late-January that advertisements “must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.”
Advertising Clampdown Should Remove ‘’Bad Actors’
The ICO market has been plagued in the last few months by claims that the some of the recent influx of Initial Coin Offerings (ICOs) are nothing more than scams or get rich quick schemes. Recent examples include cryptocurrency start-up Confido whose owners disappeared with around $375,000 and start-up Giza which, according to latest reports, has seen investors lose around $2 million.
The recent spate of ICO scams has left the space under threat of action for the last few months and has weighed on the legitimacy of the cryptocurrency market space. A ban for such products, is expected to crimp any illegal activity and may eventually leave the market in better position, with investors more confident of looking at ICOs. We discussed the ICO market and various scams at length yesterday in a special IG Crypto Chat with former CCO of Ethereum Stephan Tual.
Cryptocurrency Market Stable After Google Announcement
The cryptocurrency market was barely changed post-announcement and remains mired in and around multi-week lows.
Top 8 Cryptocurrencies by Market Capitalization (March 14, 2018)
We will be discussing a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar every Wednesday at 12:00 GMT.
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If you are interested in trading Bitcoin, Bitcoin Cash or Ethereum we can offer you a wide range of free resources to help you. We have an Introduction to Bitcoin Trading Guide, a Weekly Bitcoin Webinar and an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.
What’s your opinion on the latest Google cryptocurrency ban? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at firstname.lastname@example.org.
--- Written by Nick Cawley, Analyst.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.