Major internet companies to limit ads for cryptocurrencies

Major internet companies are starting to limit ads for cryptocurrencies and related products, perhaps due to increased pressure from regulatory agencies. Facebook has already banned cryptocurrencies and ICOs from using their advertising services, and Google is emulating their approach. According to an update of Google’s advertising policy, they will no longer serve ads for “Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)” starting in June this year. Scott Spencer, Google’s director of sustainable ads, explained the decision to CNBC: "We don't have a crystal ball to know where the future is going to go with cryptocurrencies, but we've seen enough consumer harm or potential for consumer harm that it's an area that we want to approach with extreme caution.” The blanket ban seems excessive, as legitimate businessess will be hurt by Google’s decision as well. On the other hand, the legal status of cryptocurrencies and ICOs is still uncertain throughout the majority of the world, and it’s understandable why a company of Google’s size is choosing to play it safe. Will internet giants like Google and Facebook allow cryptocurrency advertisements again once the emerging industry is sufficiently integrated into legal frameworks across the world?