Google to restrict ads on cryptocurrencies

Google will ban the advertisements of cryptocurrencies and related products starting from June as part of its financial services policy, the search engine said on Wednesday.

"In June 2018, Google will update the financial services policy to restrict the advertisement of Contracts for Difference, rolling spot forex, and financial spread betting," Google said in a statement.

It will also ban the advertisements for binary options and synonymous products, cryptocurrencies and related content.

The move followed similar measures by Facebook which announced in January that it would ban all advertisements for cryptocurrencies, including Bitcoin, the world's most popular cryptocurrency.

Following Google's announcement, the value of the cryptocurrency Bitcoin decreased over 2 percent and reached around $9,000.