Bing, Facebook, and Google have banned Cryptocurrency advertisements and crypto-related products since they are usually associated with unreliable or misleading promotional practices.
After Facebook and Google, it was Microsoft that banned commercials showcasing cryptocurrencies and crypto-related products from its Bing search engine. While all companies have been unanimous in their decision to ban cryptocurrency advertisements, Advertiser policy manager at Microsoft, Melissa Alsoszatai-Petheo, had this to say in support of the company’s decision.
“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.” She further added, “To help protect our users from this risk, we have made the decision to disallow advertising for the cryptocurrency, its related products, and un-regulated binary options.”
The decision of major companies to ban cryptocurrency advertisements have left many cryptocurrency traders anxious about the future of their business.
Should Cryptocurrency Traders Be Worried?
While the ban is certainly not a welcome change among cryptocurrency traders, experts say that there is no reason to worry about it either.
The advertisement bans will not affect large and established cryptocurrency firms, but will take a toll on smaller businesses that rely on advertising to gain recognition. Moreover, a startup will find it difficult to get funds from an ICO. The ban is bad news for crypto exchanges and wallets. However, blockchain-based startups can advertise on Google and Facebook. They only need to be careful to not mention the crypto aspects of it, such as tokens, ICOs, and wallets.
Rob Leathern, who works as a product management director at Facebook described the company’s policy of the ban on cryptocurrency advertisements as “intentionally broad”, and promised to make changes as Facebook learns to “better detect deceptive and misleading advertising practices.”
While the ban on Cryptocurrency advertisements is certainly is a setback for legitimate traders of cryptocurrencies, they need not worry as this phase might not last very long. So, traders of cryptocurrencies can take hope and wait.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]