A Canadian regulator has asked Google to ban cryptocurrency ads from its service, following the move from Facebook last month.
Google already has a policy against misleading or misrepresenting ads, but Jason Roy, senior investigator with the Manitoba Securities Commission doesn’t think this is enough.
He said: “We’re very pleased with Facebook’s decision. My hope is that Google will enact a similar policy, where they specifically name products like binary options, ICOs and crytocurrencies.”
The concern for many calling for an outright ban are the users who want to invest in the cryptocurrency boom but don’t quite understand the ins and outs. Fraudsters have used binary options, for example, to prey on these newcomers, reports Bitcoinist.
“You have the former binary options firms that have made the switch to offering cryptocurrencies, and its basically the binary options scam 2.0,” continued Roy. “Then you have fraudulent and unregistered ICOs that are targeting people. And then you have the cryptocurrency Ponzi schemes or multi-level-marketing schemes.
“I think everybody is trying to figure out what’s going on. There’s just been an explosion of different ICOs and new tokens and crazy offerings. You’re seeing ICOs that are raising large amounts of money and there’s nothing behind them in certain cases, but members of the public are so hyped they’re throwing money at them.”