Google and other Social Media platforms including Microsoft’s search engine Bing cracked down on the Cryptocurrency ads by banning them from their respective platforms. This move was taken by the Google and other Social Media sites to avoid any kind of frauds. The ban was imposed on the advertisements for BitCoin and Initial Coin Offerings to tackle the emerging threatsin the cryptocurrency sector. This step was taken to avoid the speculative ads and to improve the advertisements experience on the online sites. Cryptocurrency Ads Banning- What the World Needs to Know?
The ban also included the banning of the gambling ads, Cryptocurrency wallets and exchanges and even skins betting. The move was also taken by the Social Media giant Facebook to ban the ICO and the Cryptocurrency Ads after it was seen that these are used for fraudulent activities and many potential investors are being scammed. Let us now see few reasons behind the move of banning Cryptocurrency ads in order to get a detailed insight.
Top Reasons of Cryptocurrency Ads Banning
In order to save the consumers or the end-users from the fraud connected with the lucrative BitCoin or ICO Ads, Search Engines like Google and Bing and Facebook placed the ban on the ongoing advertisements. Below are few significant reasons to take this extreme step:
• Not Regulated Products: –
The Cryptocurrency and its relative products are said to pose danger to the wealth of the users as scammers use them to attract innocent users to their catchy offers. To avert this risk, the Social Media giant and the Search engines have disallowed to advertise these sorts of ads on their respective platforms.
• Updating the Financial Services related Ads: –
The banning of the Cryptocurrency and ICO related ads will come into effect from June 2018. The giants took this major decision since they are updating their financial services and ads policies. This decision also put an effect on the companies who are offering legit offerings and they will not be able to post their ads using the Google AdWords or related ads products.
• To stop Violation of Ads Policies: –
Platforms like Google, Bing, and Facebook took this decision after they witnessed the usage of the unregulated space and endless high-profile scams. Moreover, the annual ‘trust and safety ads’ report by Google stated that nearly 3.2 billion ads were taken down last year that violated the policies of the Google Search Engine.
• Improving the Search Potential: –
The industry experts have cited an important reason to ban Cryptocurrency Ads so that users and advertisers get a safe platform to advertise about their business. With the news of banning Cryptocurrency and ICO offering ads, the rate of BitCoin have stated to go down by nearly 7% and other binary options have been hit hard.
• Protection of the Open Web: –
With ever-changing and evolving consumer trends, the protection of open web system becomes important. This also becomes the source of online swindles or cheatingscandals. Therefore, to stop this problem,the online industry have come together to remove the intrusive or harmful ads in order to make improvement in the web system and the ads system too.
• The Ban on Few Targeted Ads: –
Few experts have quoted that most of the legit Cryptocurrency business offering companies will have to bear a great brunt because of this crackdown. Moreover, these platforms have to use the more targeted approach in order to curb the menace totally since most of the companies’ use job posting ads, charities or subscription of anti-virus software as an entry point to reach out to consumers about their ICO offers and indulge in tricking innocent people.
Why has Facebook revoked this Ban Now?
In January 2018, Facebook put a ban on Cryptocurrency Ads and ICO but has taken a decision to revoke this ban now. According to sources, the Social Media giant has revised its policy and lifted the ban on legit businesses but the ban on the binary options and ICOs will still be there.
The Facebook executives have stated that they do not have a problem with business houses who are promoting their Cryptocurrency business legitimately but they are also keeping an eye on the scams that lure users through the Facebook Ads. Moreover, the social platforms like Snapchat and Twitter have also made up their mind to lift the Cryptocurrency Ads ban partially after following in the footsteps of Facebook.
To sum up, it can be seen that Cryptocurrency Ads ban from top-notch social media platforms and Search engines drastically affected Cryptocurrency, ICO, and Binary options market. Simultaneously, it affected the legit business houses too that brought down the value of Cryptocurrency within few weeks. This adversely affected the users who have invested in the Cryptocurrency from the legit business houses.
To make things right the clarifications and reports by the regulators are surely going to work their way as Facebook revoke the decision a few months back. The suit was also followed by few small social media network sites that provide relaxation to the legit business houses. However, the noose is still tightened on fraudsters, ICO, and binary options.