Google will ban advertisements for cryptocurrencies and initial coin offerings from June as part of a move to clamp down on unregulated financial products.

The move follows similar measures by Facebook in January which banned all advertisements for cryptocurrencies and ICOs – a crowdfunding mechanism using digital currencies – after it decided many of them were being used to mislead potential customers.

Cryptocurrencies such as Bitcoin and related ICOs have exploded in popularity over the past year but the area is unregulated and open to scams.

Google said in a blog post that it had “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)”.

The company said it will ban advertisements for “cryptocurrencies and related content” including cryptocurrency exchanges, wallets and trading advice.

As part of the update, the search company said it took down more 100 bad adverts per second in 2017, or a total of than 3.2 billion adverts that violated its policies.

The price of Bitcoin was unchanged at $9,113 following the announcement, according to Reuters data.

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