. Cryptocurrencies are not necessarily scams by default, but US regulators have warned that there’s a high risk of fraud in this market.The company will also begin blocking some gambling ads, such as those for services using virtual items worth real-world money, known as skins betting, as it seeks to “combat new threats and improve the ads experience online”. The restrictions on cryptocurrency advertising are similar to limits Google places on other forms of ads, including the promotion of counterfeit items or sexually explicit content.
The announcement knocked the price of bitcoin by more than 5 per cent from about $9,200 to less than $8,700. Cryptocurrency trading has attracted scam artists as it it is unregulated. However, doubt is to be considered that Google’s move will slow the progress of building a legitimate industry around cryptocurrencies. Google and Facebook control somewhere between 60 and 70 percent of the online advertising market. Google’s parent company Alphabet makes roughly 85% of its revenue from advertising.