Canadian regulators are very pleased with Facebook’s decision to ban ads for crypto and ICO’s. According to Jason Roy, the regulators have already contacted Google representatives to establish a procedure.
The reason is that ads of these types can make people victims of fraud due to increasing numbers of different ICOs and new cryptocurrencies, appearing on the market. Sometimes people stumble across ICOs which are raising large amounts of money, but have nothing behind them.
Jason Roy believes that Google should enact a similar policy as Facebook did, and ban ads for binary options, ICOs and cryptocurrencies, claiming that such ads are “frequently associated with misleading or deceptive promotional practices”.
Unfortunately, there are some companies who are advertising binary options, ICOs and cryptocurrencies, that are not currently operating in good faith. The Facebook’s position is to help people to continue to discover and learn about new products and services through Facebook ads without fear of scams.
The Google’s spokeswoman Roni Levin stated that Google already bans misleading ads across all categories.