Search Engine giant Google just announced change in its financial product policy in June this year, a move that will see advertisements related to cryptocurrency effectively banned.
In blog published on Tuesday, it said it will change its existing financial product restriction list in June this year, blacklisting ad content “including but not limited to initial coin offerings (ICO), cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.”
“Such ads will no longer be allowed to serve,” the blog reads. The restriction will apply both to Google’s proprietary and affiliated advertisement platforms.
Earlier, social media giant Facebook also unveiled a new policy that targets “ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”
Due to these moves from Facebook and Google, the market capitalization or value of all the world’s digital coins stood at $310.4 billion early on Thursday morning, down from $372.9 billion a day before, according to Coinmarketcap.com, which tracks prices based on different exchanges.
Bitcoin, the world’s largest cryptocurrency by market cap, traded as low as $7,676.52 on Thursday, the lowest since February 8, according to CoinDesk data. However, by 4.00 a.m ET the price had recovered to $8,219.77, pushing the total cryptocurrency market cap to $331.7 billion.