Google to ban cryptocurrency ads in June

Google will ban any cryptocurrency- or initial coin offering (ICO)-related ads starting in June, the company announced in an update to its Advertising Policies document.

According to the document, ads related to "cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)" will no longer be allowed on Google's AdWords platform.

For context, Google has lumped in the announcement together with the ban of ads for binary options, forex and financial spread betting.

Google appeared to have started quietly restricting cryptocurrency-related ads as early as last week, with some advertisers seeing significant performance drops for ICO-related ads.

Google's decision follows a similar one from Facebook, which banned cryptocurrency ads on its site in January. The reasoning was that these ads are "frequently associated with misleading or deceptive promotional practices." And Twitter also said it will take steps to combat cryptocurrency-related spam.

On Wednesday, Google published its annual report on "bad ads" -- ads that violate the company's advertising policies. In it, the company says it has updated its policies to "tackle emerging threats," and classifies cryptocurrencies under "unregulated or speculative financial products."

The most popular cryptocurrencies largely remained unfazed by the news. Bitcoin currently trades at $9,162, a 1.09 percent drop in the last 24 hours, while Ethereum trades at $691, a 1.57 percent drop in the same period, according to CoinMarketCap.

Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH.