Google Cryptocurrency Ads Ban Keeps Crypto Markets Crashing
Following Facebook’s move earlier this year, Google is planning to ban all cryptocurrency-related advertising starting from June 2018.
The cryptocurrency boom has brought a lot of attention, excitement and wealth, especially last year, but it’s still a highly unregulated space that produced and keeps producing countless high-profile scams.
Despite grand mainstream cryptocurrency adoption news, the crypto market sees a drop in Google ads ban FUD, with prices of Bitcoin falling to less than $7700 on the day of writing.
Google announced they are updating the company’s financial services-related ad policies to ban any advertising on cryptocurrency-related content, including Initial Coin Offerings (ICOs), wallets and trading advice, Google’s director of sustainable ads, Scott Spencer, said in the interview with the CNBC.
The new policy means that even legitimate businesses won’t be allowed to serve cryptocurrency ads through any of Google’s ad products, which place advertising both on its sites and at third-party websites.
Just a month ago, social media giant Facebook also announced that it would apply a similar policy banning advertisement involving Bitcoin and crypto ICO’s to prevent cryptocurrency-related promotions that may deceive investors. Google has not explained in detail the reasons for their ban.
In my opinion, it’s not that they’re opposing the technology and the whole crypto movement, but just like the members of our community, they don’t like malicious crypto ads that came in like a hurricane and found their victims through Facebook or Google, resulting in many people losing their hard-earned money.
Moves by the world’s two biggest internet and advertising companies came just at a time when regulators in the U.S. have started to increasingly crack down ICO’s that appear dubious in the government’s eyes.
We must welcome the potential the industry is bringing us, but also recognize the risks and act accordingly. It is in everyone’s best interest to make it as safe as possible for anyone involved.
/ THE GOOD NEWS FROM THE CRYPTO SPACE
Money sending mobile app Square Cash added a BTC buy and sell option for users in Wyoming that that formerly had problems due to the state’s strict crypto regulations.
P2P payment technology app Circle announced they had launched their crypto investment app, Circle Invest, across 46 states.
Both Square Cash and Circle are applying for a BitLicense to bring the app to New Yorkers.
At the cryptocurrency hearings in Washington DC held yesterday, March 14, Coinbase’s Chief Legal and Risk Officer was able to expand on the view that current U.S. regulations are harming crypto’s technological innovation.
Coinbase has also announced that they have received an e-money license from the Financial Conduct Authority (FCA) in the UK, which will allow them to issue e-money and provide payment services across Europe.
And finally, in a move for crypto adoption, Playboy is launching a new payment option that will allow customers to access its exclusive adult content using cryptocurrencies.
Soon, Playboy said it also plans to integrate the cryptocurrency wallet with its other business lines, including gaming, augmented reality and virtual reality initiatives.
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