The cryptocurrency markets have not been one to shy away from courting regulatory scuffles. Despite the recent highs that cryptocurrencies and cryptocurrency exchanges are basking under, it has been facing advertising bans across top platforms like Facebook, Google and Microsoft. In a report published last month, Microsoft stated that the company’s search engine, Bing, successfully blocked a massive 5 million advertisements that were related to cryptocurrency products and their markets. Last year, the tech giant decided to ban several ad players and cryptocurrency ad content, largely because “cryptocurrency and related products are not regulated, and we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviours, or otherwise scam consumers.” The ban joins the growing list of questionable activities that include ponzi schemes. The company’s biggest concern was how most of these ads infringed on their ad policies, prompting them to take a stern ground when it came to virtual currencies.
The move came soon after social media giant Facebook bid goodbye to crypto ads on their platform from January 2018. The company revealed that it did not want businesses or rogue crypto players to promote speculative financial products on their platform – particularly because it was touted to come with misleading or deceptive information. However, by mid last year, the company said it would partially reverse the ban and allow some pre-approved businesses to advertise their services or products.
This wasn’t all – Google announced that it would take a step back and ban advertisements that were driving the highly unregulated market. The ban covered everything about cryptocurrencies, including crowdfunding for crypto markets, popularly known as initial coin offerings (ICO). Although Google said this came as a sweeping change to its policy, a few months down the line, Google confirmed that it would scratch the ban out and instead, allow crypto exchanges to buy advertisements across Japan and the United States.
Twitter didn’t stall, either. The social media firm said “that this type of content is often associated with deception and fraud, both organic and paid, and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner.” Interestingly, Twitter’s CEO Jack Dorsey has long been positive about cryptocurrencies, particularly Bitcoin.
Albeit the flak cryptocurrencies face, the ban would likely not have a significant impact on the cryptocurrency markets. Instead, the move could result in creating additional pressure for scammers. The cryptocurrency market has been buoyed by Bitcoin’s sharp rise, recently rallying by over $1,000 in just under an hour. Looks like it’s here to stay.