"There are many companies who are advertising binary options, ICOs and cryptocurrencies that are not now operating in good faith", said Facebook Product Management Director Rob Leathern earlier this year.
"In 2017, we took down more than 3.2 billion ads that violated our advertising policies".
After the regulator from different countries, it was the turn of Alphabet Inc (NASDAQ:GOOGL) to ban all cryptocurrency related advertising like the initial coin offerings (ICOs) or content.
Facebook said it wants people to continue to discover and learn, but there are companies advertising binary options and cryptocurrencies that do not operate in good faith.
Google said it updates its policies as it sees "new threats".More news: USA state will use nitrogen to execute inmates amid drug shortages
While the warning from the International Monetary Fund and Google's ban on Cryptocurrency ads are not directly related, they do pose a larger question surrounding how people are abusing the cryptocurrency craze and using it for illegal activities like black markets, fraud and scams targeted through ads.
"We equally removed 66 million "trick-to-click" ads as well as 48 million ads that were attempting to get users to install unwanted software". Because come June, those ads will no longer be welcome on Google sites, nor those of third-party websites that advertise through Google. That's more than 100 bad ads per second!
Last year, Google removed 320,000 publishers from its ad network for violating its publisher policies and blacklisted almost 90,000 websites and 700,000 mobile apps. Right now, Google queries for terms like "binary options" and "buy bitcoin" produce four ads at the top of the results. Crypto-jacking, where malicious code is hidden on websites or in ads to take control of the processing power of a computer to mine crypto, is growing exponentially.
Google joins Facebook in banning all things digital currency-related.
Cryptocurrencies are known to be notoriously volatile, so some governments are working to clamp down on the digital money. The social networking giant updated its ad policy in January to ban financial products often associated with deceptive practices, including those involving cryptocurrencies such as bitcoin.
"There are also lots of misleading speculations around cryptocurrencies".