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June 5 2018

David Coker, Lecturer in Accounting, Finance and Governance at Westminster Business School and former Vice President of Global Risk Management at Deutsche Bank, questions the motives behind Google’s ban on cryptocurrency adverts effective from today (1 June):

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“Following much fanfare when Goggle announced it would ban cryptocurrency adverts, supposedly to protect consumers against ’harm’, this is now fully in place. But is Google really so kind and caring or does it have an ulterior motive for this move? Can we really trust Google’s altruistic motives when they move to ban all cryptocurrency related ads?

“After all, this is the same Google which has been repeatedly accused of profiting from America’s opioid crisis, to the point where the ad giant willingly forfeited some $500 million of revenue gained by allowing Canadian online pharmacies to advertise drugs to Americans. The same Google which as recently as June 2017, was accused in court of facilitating trademark infringement via its AdWords platform. And the same Google which in January of this year admitted, in its annual ‘bad ads’ report, that it accepted advertising revenue from hundreds of sites distributing fake news.

“For several years now the cryptocurrency community has entertained rumours of a Google Coin. While there has been no official announcement by Google, Facebook’s Mark Zuckerberg has publicly admitted they were considering their own cryptocurrency offering to facilitate trade on their platform. So perhaps Google’s cryptocurrency ban has an ulterior motive? Perplexingly this move comes just weeks after Google removed their long standing motto, ‘Don’t Be Evil’ from their corporate code of conduct.

“While there is nothing evil in corporations generating profits, Google does control almost 90% of the market for online advertisements. If Google does indeed launch a cryptocurrency of its own this ban might one day be viewed as a highly questionable business decision.”

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