Google Bans Ads for Bitcoin and Other Cryptocurrencies

Ads featuring bitcoin and other cryptocurrencies will soon be banned from Google, the internet’s biggest ad network.

The tech giant announced on Tuesday it is updating its ad policy to block promotions from cryptocurrency exchanges, digital “wallets” used to store cryptocurrency, and firms offering trading advice. Ads for initial coin offerings — the crypto equivalent of a company publicly listing its stock — will also be axed. The changes will go into effect in June.

The ban will also apply to ads on YouTube, its video behemoth, and third-party sites where Google sells ad space. Google’s decision comes on the heels of Facebook adopting similar measures in January — effectively shuttering cryptocurrency ads on the internet’s ad duopoly. Facebook and Google combine to rake in 85 percent of all new internet ad dollars.

Also Read: Bill Gates Thinks 'Super Risky' Bitcoin Could Ruin Your Life

At the same time, regulators have been looking to tighten their grips on the nascent cryptocurrency market. The U.S. Securities and Exchange Commission reiterated last week that exchanges “must” register with the agency. Major U.S. exchanges like Coinbase and Gemini aren’t registered with the SEC, but have individual agreements with states allowing them to operate.

Coinbase declined to comment on Google’s decision to TheWrap.

ICOs, which became increasingly popular as bitcoin and other cryptocurrencies rapidly increased in value in 2017, are also facing regulatory scrutiny. New coins have been routinely touted on Twitter, including by eccentric software businessman John McAfee, who often shared his “coin of the day.” As the bitcoin frenzy took off, concerns over con artists launching bogus coins followed suit.

Coin Of The Day: pic.twitter.com/WSTXaha1Nk

— John McAfee (@officialmcafee) December 26, 2017

Also Read: 50 Cent Admits He Isn't a Bitcoin Millionaire After All

Bitcoin, the grandaddy cryptocurrency, was hit hard on Wednesday, dropping about 9 percent to $8,300 per coin.

Bitcoin dropped about 9 percent on Wednesday (via Coindesk)

And if you’re still catching up on the whole cryptocurrency thing, John Oliver devoted a segment to explaining the craze on Sunday.

6 Tech Giants Shaking Up News, From Jeff Bezos to Laurene Powell Jobs (Photos)

Tech leaders are increasingly intertwined with the news business. While some want to support old properties, one set out to destroy a new one. Here they are.
Jeff Bezos – Washington Post

The Amazon founder purchased the Washington Post in 2013 for $250 million in cash. President Trump has called the paper the “Amazon Washington Post.”

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Chris Hughes - The New Republic

The Facebook co-founder purchased The New Republic in 2012, becoming executive chairman and publisher. However, he sold the venerable political magazine to Win McCormack in 2016, saying he "underestimated the difficulty of transitioning an old and traditional institution into a digital media company in today’s quickly evolving climate."

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Pierre Omidyar - The Intercept

The eBay founder is a well-known philanthropist who created First Look Media, a journalism venture behind The Intercept. Inspired by Edward Snowden's leaks. Omidyar teamed up with journalists Glenn Greenwald, Jeremy Scahill and Laura Poitras to launch the website “dedicated to the kind of reporting those disclosures required: fearless, adversarial journalism.”

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Peter Thiel

The PayPal co-founder doesn’t own a news organization, but he makes this list because he essentially ended one -- Gawker -- proving once again the power of an angry billionaire. Thiel secretly bankrolled Hulk Hogan’s sex-tape lawsuit against Gawker Media because he was upset that the website once outed him as gay. Hogan won the defamation lawsuit against the site that sent its parent company into bankruptcy, and Gawker.com is no longer operating.

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Mark Zuckerberg – Facebook

OK, so Facebook isn’t technically a news organization… yet. However, the company is preparing to launch its much-anticipated lineup of original content later this summer, and there are also signs that it's on the verge of becoming an even bigger media platform.

Campbell Brown, Head of News Partnerships at Facebook, confirmed last week it’s developing a subscription service for publishers willing to post articles directly to Facebook Instant Articles, rather than their native websites.

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Tech is increasingly intertwined with news, for better or worse

Tech leaders are increasingly intertwined with the news business. While some want to support old properties, one set out to destroy a new one. Here they are.

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