Google is joining Facebook in banning advertising for Bitcoin and other cryptocurrencies.
Google, the largest provider of digital advertising on the internet, announced on Tuesday that it plans to change its advertising policy for certain financial services, including cryptocurrencies, starting in June. The new restriction would apply both to space on Google’s platforms, like YouTube, and to third-party websites where Google sells advertising space.
Facebook announced in January that it would ban all ads for Bitcoin and other cryptocurrencies in order to stop misleading and deceptive promotions. Together, Google and Facebook account for the majority of advertising on the internet in terms of revenue.
Big advertisers have demanded that both companies, which gobbled up more than 60% of spending on digital ads in 2017, do more to remove objectionable and illegal material from their platforms.
Google’s move to purge virtual currency ads comes just days after the US Securities and Exchange Commission warned that traders should only buy and sell cryptocurrencies on exchanges registered with the financial regulator. Digital currencies aren’t regulated by any central bank or government entity.
The price of bitcoin — the most heavily traded cryptocurrency — slipped by about 1.5% following Google’s announcement, according to data from Coindesk. The volatile digital currency has lost over half of its value since topping $19,300 in December.