The new cryptocurrency ad policies are set to take effect in June.
Google’s announcement reads: “This year, we updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs).
“We also updated our gambling ads policies to address new methods of gambling with items that have real-world value (eg, skins gambling).”
The search engine giant claims to have take down more than 3.2 billion ads which violated its policies in 2017 alone.
These ads included sensationalised newsy headlines on marketing material and other malicious clickbait ads by “scammers who have tried to sell diet pills and weight-loss scams.”
Google said: “We suspended more than 7,000 AdWords accounts for tabloid cloaking violations, up from 1,400 in 2016.”
Commenting the Google ban of crypto adverts, Chris Keshian, managing partner and CEO of $APEX Token Fund, said: “We see Google’s actions as progressive – as long as they continue to keep an open mind and don’t tar all cryptocurrencies with the same brush.
“Crackdowns on cryptocurrencies are the best way to weed out irresponsible and fraudulent ICOs and place greater focus on cases against unregistered persons acting as agents, brokers, and investment professionals in the cryptocurrency space.
“This is a key step in cryptocurrencies becoming a mature and stable asset class.
“If an entity such as Google does not feel comfortable with exposure to these cryptocurrencies then it is right that they don’t promote it.
“Banning is simply a ‘pause’ button as organisations tease out better ways to regulate an asset class that they are in the process of understanding.
“This won’t be the last ban but, in time, we expect to see some of these restrictions lifted, as more meaningful regulations come into force.”
The move was also welcomed by some crypto-sceptics concerned about online crypto scams.
David Gerard, author of Attack of the 50ft Blockchain, said: “It’s about tackling the kinds of risky investments that verge on gambling.
“If you’re a proper trader or an accredited investor then fine – it means you’re rich and your money is your own problem.
“But these things shouldn’t be targeted at ordinary people.”
The company’s decision comes off the back of Facebook announcing in January it would ban all ads for bitcoin and other cryptos on its social media service.
Facebook justified the decision by saying it was protecting its users from deceptive and misleading cryptocurrency promotions hiding as ads.
The bitcoin mania which has erupted last year, has attracted many con-artists and bad actors who used online advertising to generate revenue.
In fact, according to the UK’s Financial Conduct Authority (FCA), binary options scams last year cost as much as £87,410 ($121,961.77) every day.