Google HQ
Google HQ

Google this week updated its financial services policy, effective June 2018, to prohibit the advertising of cryptocurrencies and related content.

A Google online policy page states that the ban includes, but is not limited to, initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.

Google did not state its reasons for abolishing such ad content, although one good guess is that many of these ads are regarded as online scams. Additionally, the future of the highly volatile cryptocurrency market is considered uncertain as governments worldwide consider regulating or ban virtual currencies.

In January, Facebook, another major Internet advertising platform, similarly announced that it would no longer allow ads for cryptocurrencies in a move to stop deceptive online practices, noting "there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith."

CNBC reported that Bitcoin prices briefly fell below US$ 8,000 (£5,730) on Wednesday, following Google's announcement. It had closed the night before at US$ 9,158.25 (£6,559.25).