Google said in an announcement that they would ban all advertisements related to cryptocurrencies, but after receiving backlash from both the crypto and financial community, they revised their policy via a blog post, stating that it would now only allow crypto exchanges and services which are not only regulated, but verified to use their ads services.
In the blog post, Google clearly mentioned about its ban on bitcoin auto trading platforms which promises to make investments grow exponentially. These advertisements attract new investors who fall for the trap and buy the programs without much knowledge about them. The protocols for advertising or buying space on this platform for ads has been tightened and closely monitored as per the policies.
However Google’s execution of this policy seems to have failed due to the malfunctioning or inefficiency of their algorithms used to restrict the ads. These advertisements still show up when one is searching for any Bitcoin Robot program or auto-trading platforms.
Deceiving the newbies in the crypto market
The policy for removing and restricting all the advertisements was implemented to safeguard the beginners in the market. Facebook first implemented this policy and Google followed suit to protect inexperienced investors who often fall prey to these scams which promise extraordinary returns from a small amount.
Though these ads are highlighted in green color, people who are not tech-savvy may not be able to distinguish between paid advertisements and search results.
According to the Federal Trade Commission, in the previous year, 2018, approximately $3 billion has been stolen through these scams. This massive loss of money pushed the search engine Google and other social media platforms like Facebook, Twitter to ban all the ads related to cryptocurrencies.
There are only a handful of cryptocurrency platforms for automated trading which are genuine, and all others are scams. This is why it is essential for Google to impose a strict policy and come up with efficient algorithms to monitor and review the advertisements for their search engine. It is also necessary for investors to be well aware of the products they are buying. For the newcomers, they must learn to distinguish between genuine platforms and advertisements which are there to scam.