Facebook announced in a statement that it was doing away with crypto ads because there are "many companies who are advertising binary options, ICOs, and cryptocurrencies that are not now operating in good faith".
After Facebook announced to ban cryptocurrency related ads earlier this year, it's the search engine giant Google, which is set to ban all cryptocurrency-related ads including ICOs. In 2017, Google took down more than 3.2 billion ads that violated its ad policies-or roughly 100 bad ads per second, Spencer said. Under the new policy, the company will also ban ads for 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).
These pages published a few days ago, "anecdotal reports of several companies operating in the initial coin offering (ICO) industry, Google is taking steps to restrict the visibility of ICO advertising on its platforms".
Google said it updates its policies as it sees "new threats".
For instance, in 2017 Google pulled over 79 million ads that lured clickers online to websites that contained malware.
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The company also said it reviewed more than 11,000 sites for suspected violations of its policies on misrepresenting content; more than half were blocked, and 90 publishers had their accounts closed. Crypto-jacking, where malicious code is hidden on websites or in ads to take control of the processing power of a computer to mine crypto, is growing exponentially.
The decision means ads for cryptocurrencies, the most famous of which is Bitcoin, on Google-owned sites, most notably You Tube, or any of the third-party sites where Google sells advertising space, will be forbidden.
Cryptocurrencies are known to be notoriously volatile, so some governments are working to clamp down on the digital money. Facebook introduced a crackdown on Bitcoin and other cryptocurrency marketing in January 2018, as part of an effort to prevent their users from being exposed to misleading or deceptive promotions regarding altcoins, ICOs and cryptocurrency trading.
Users would also have to "comply with relevant legal requirements, including those related to complex speculative financial products". The company said it also blocked nearly 90,000 websites and 700,000 mobile apps for violating its policies.