A bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017.
Google's move follows the footsteps of Facebook, who in January said it was banning all ads for Bitcoin and other cryptocurrencies on its platforms against the backdrop of a spike in advertising activity coinciding with a big run up in the price of cryptocurrencies.
In Google's yearly trust and safety advertising report, the company said it took down 3.2 billion ads previous year that it found to be in violation of its policies, a jump from the 1.7 billion it took down in 2016.
The updates are created to protect users from "ads in unregulated or speculative financial products", Google's director of sustainable ads Scott Spencer said in a March 14 blog.
Alphabet Inc., the parent company of Google, announced its decision on Wednesday in an update to policy it has that says it would begin blocking any ads for cryptocurrencies and any related content.
The ad policy based on the financial services has been set to be implemented by the company across the number of platforms that include Instagram, Facebook and Audience Network.
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Google has updated its ads policy to confirm that cryptocurrency and ICO-related ads will no longer be accepted. "And, we removed 66 million "trick-to-click" ads as well as 48 million ads that were attempting to get users to install unwanted software".
The company also said it reviewed more than 11,000 sites for suspected violations of its policies on misrepresenting content; more than half were blocked, and 90 publishers had their accounts closed.
Advertisers offering rolling spot forex, contracts for difference, and financial spread betting now must have certification from Google to place their ads through AdWords.
Cryptocurrencies are known to be notoriously volatile, so some governments are working to clamp down on the digital money. 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.
Following the scorched-earth measures, Google has added 28 new policies for advertisers and 20 for publishers in efforts to further combat the latest threats to its online advertising experience.
The new policy prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, Facebook said in a statement.