Search engine Bing will stop cryptocurrency and other related advertisements from appearing on its website, according to Bing’s Advertiser Policy Manager Melissa Alsoszatai-Petheo.
The ban, which will start later this June, will prohibit virtual currencies from advertising on Bing. Bing’s ban on crypto-related ads is part the search engine’s efforts to protect users from getting involved in similar online frauds. The cryptocurrency hype of 2017 was exploited by scammers to trick paying customers into buying tokens, the infamous BitConnect being one of them. The search engine took notice of the potential risks cryptos pose to unsuspecting users, as Alsoszatai-Petheo explained:
“We are always evaluating our policies to ensure a safe and engaging experience for our Bing users and the digital advertising ecosystem. Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers. To help protect our users from this risk, we have made the decision to disallow advertising for cryptocurrency, cryptocurrency-related products, and un-regulated binary options.”
Bing has updated its financial policies to reflect the banning of these products and services: Ponzi schemes, pyramid schemes, legally dubious business opportunities, solicitation of unregistered persons, and chain letters implying bad fortune because of non-participation.
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One of the Boys
Bing follows the footsteps of other company giants Google and Facebook to prohibit shady virtual currencies from advertising on their pages.
Google, the largest search engine, announced last March 2018 that an update to its financial services policy will prohibit virtual currencies from advertising on its website. The ban will also start around early June.
Google, in its announcement, said:
“In addition, ads for the following will no longer be allowed to serve: Binary options and synonymous products, Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice).”
Facebook, the largest social media platform, also announced an addition to their own financial policies that prohibits dubious and misleading products and services.
Rob Leathern, Facebook’s product management director, wrote:
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith…This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook.”
Bitcoin Continues Slide
After Bing’s announcement to ban cryptocurrency ads, FXStreet reported that Bitcoin (BTC) lost almost seven percent of its total value.
After a close encounter with the US$10,000 ceiling earlier this May, the largest cryptocurrency on the market slid down and dropped to as low as US$8,300. As of press time, Bitcoin is priced at US$8,382.70.
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