The Internet giant, Google, announced on Wednesday that it will ban ads for certain financial products, including cryptocurrencies. The move comes amid increased scrutiny of the fast-growing market for digital currencies such as Bitcoin. 

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In a blog post on the company's website, Scott Spencer, director of sustainable advertising at Google, cited the "unregulated" and "speculative" nature of many of the financial products being advertised.

Spencer cited cryptocurrency ads as an example of "new threats" to the Google user experience, along with notices for addiction treatment centers and online gambling services.

Google's new policy will take effect in June. It is an ad similar to that of Facebook and reflects a broader push by the giants of advertising to rebuild user confidence in their platforms. Last year, Google struggled to address the concerns of advertisers, since the ads were running along with objectionable content.

"Google's decision to ban cryptocurrency ads is an implicit acknowledgment that they can not identify legitimate projects in this scale space," says Paul Makowski, technology director of the malware detection startup PolySwarm. Makowski says that PolySwarm users have been "flooded" with fraudulent ads.

The change comes amid a growing reaction against products and services related to cryptocurrencies, particularly the initial offers of currencies. ICOs are used to raise money from companies that offer investors a "first bite" in a next cryptocurrency.

In 2017 alone, there were more than 900 ICO. These raised billions of dollars for their promoters, but also caught the attention of the Securities and Exchange Commission.According to the SEC, many ICOs are actually stock offers.

That means they need to register with the agency and comply with traditional securities regulations. The SEC's concerns seem well-founded, given that almost half of the 2017 ICOs have already failed. And just last month, there were reports of a generalized investigation of the promoters behind several recent ICOs.

The reactions of companies related to cryptocurrencies have been mixed. Adam Bergman is the founder of a company that allows investors to use their retirement funds to buy cryptocurrencies. He says he was "somewhat surprised" by Google's announcement, but believes it is and Facebook "will ultimately modify its ban on legal products and services related to cryptography as cryptos become more regulated."

Makowski, of PolySwarm, says the policies make sense, but he worries that they may harm companies that operate legitimately. He says his company routinely reports fraudulent ads to Google, but the search company has had trouble responding quickly.

Instead of projecting individual ads, says Makowski, Google opted for a general ban on everything related to cryptocurrencies. "You have to find a balance and have chosen the option that is wrong to protect the public," he says.