Google has banned the advertising of cryptocurrencies and related content from June onwards, the search giant says in an updated financial products policy.
Ads for binary options and synonymous products will also not be allowed.
The move comes in the wake of a ban on similar ads by Facebook in January.
On Tuesday, the head of the International Monetary Fund, Christine Lagarde, issued a warning about cryptocurrencies, advising people to "take a step back and understand the peril that comes along with the promise" which cryptocurrencies offered.
{loadposition sam08}In a blog post, Google said it would be restricting the advertising of contracts for difference, rolling spot foreign exchange, and financial spread betting.
Anyone who wanted to place ads for these products would have to be certified by the company before plugging their products through AdWords.
In order to be certified, companies will need to:
- be licensed by the relevant financial services authority in the country or countries they are targeting;
- ensure their ads and landing pages comply with all AdWords policies; and
- comply with relevant legal requirements, including those related to complex speculative financial products.
Certification can be requested after the application form is published this month.
Lagarde said: "The same reason crypto-assets — or what some people call cryptocurrencies — are so appealing is also what makes them dangerous.
"These digital offerings are typically built in a decentralised way and without the need for a central bank. This gives crypto-asset transactions an element of anonymity, much like cash transactions.
"The result is a potentially major new vehicle for money laundering and the financing of terrorism."