Under the new policy, Google said it would ban ads for cryptocurrencies and related content such as initial coin offerings, crypto exchanges and cryptocurrency wallets and advertisements providing trading advice.
This year, Google are adding several new policies that will address ads in unregulated, overly complex, or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs).
Stansfield said that Google was constantly updating policies as new threats emerged, adding that in 2017, 28 new advertiser policies and 20 new publisher policies were added to combat new threats and improve ad experience online.
The search engine giant announced the move as part of an update to its policy, which will also ban other risky financial products.
Some 320,000 bad publishers were removed from the company's ad network in 2017, up from 100,000 the year before.
"Google's ban on cryptocurrency-related advertising is only more validation for this new asset class. Governments and now media outlets are attempting to "protect" the public from this burgeoning asset class when in reality, the global populous is moving forward without them".
Google has announced that it plans to change its advertising rules for financial services, including cracking down on advertising for cryptocurrencies such as Bitcoin, as of June. "So no more ads for ICOs, or crypto, or Bitcoin will be in search results for the time being".
"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception". Even if a company is known to be on the up-and-up, it will not be allowed to advertise cryptocurrency trading services or products via Google. Maintaining a data base of such a very big scale is no easy task even for the world's best tech company like Google.
"Advertisers offering Contracts for Difference, rolling spot forex, and financial spread betting will be required to be certified by Google", the post says. The number includes 7m ads that were attempting to send people to malware-laden sites, 66m "trick-to-click" ads and 48m ads that were attempting to get users to install unwanted software.
Both firms have been pushed to act by the sudden increase in interest for cryptocurrencies and ICOs amid fears that a lack of regulation and anonymity makes them open to money laundering and other criminal activities.
Google LLC updated its policy to ban cryptocurrency related ads by June.