Cryptocurrency markets have reacted negatively to Google AdWords announcement that it will ban all cryptocurrency related adverts from June 2018.
Citing consumer protections, Google’s new Financial services policy lays out restrictions on financial spread betting, binary options, and cryptocurrencies and related content, including but not limited to, initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.
In addition, the gambling ad policy has been updated to address “new methods of gambling with items that have real-world value (eg, skins gambling),” a statement reads.
In a comment to CNBC, Scott Spencer, director of sustainable ads for Google, said: “We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
The majority of cryptocurrency values have dropped over the past 24 hours on the back of the announcement – Bitcoin by 8.37 percent, Ethereum by 9.15 percent, Ripple by 8.76 percent, Monero by 12.58 percent and NEO by 12.77 percent, to name a few.