While some companies are investing, adopting, and utilizing cryptocurrencies or its related products, “FANG” stock companies are persistently avoiding the digital asset in all forms. The latest to do so is Microsoft Bing, which joins Google and Facebook in their decision to ban cryptocurrency-related advertisements on their platforms.
Move to Avoid Lawsuits
Announced via an official blog post on May 14, 2018, Bing specifies that these changes will be made to Microsoft’s global financial product and services policy in June 2018 before such advertisements are completely banned by July 2018.
Melissa Alsoszatai-Petheo, advertiser policy manager at Bing, has informed that a calculated “risk towards users is prevalent,” if cryptocurrency related ads are displayed, as the government has not yet regulated them.
Microsoft’s Germany Office
Explaining the decision, the post cites that any potential unwanted behavior, scam, or unlawful activities may pose as a catalyst for embroiling the company in a possible lawsuit. To evade these possibilities, they have decided to disable advertising of such products.
Microsoft, Bing’s parent company, has a long list of banned products and services that have been updated in early 2018. Cryptocurrency and its related products form a part of this list, owing to their undefined legal status along with Ponzi schemes, pyramid schemes, and other deceitful investment practices.
Online Media Players Shunning Cryptocurrencies
In February 2018, Facebook had also stepped up its shield and banned ads that were related to promoting financial services and products, which were associated with unlawful practices, such as binary options, ICOs, and cryptocurrencies.
The product management director at Facebook, Rob Leathern, informed that they needed people to fearlessly scroll through their timelines without having to worry about being scammed or mislead due to such advertisements. On the other hand, Leathern warned that there are several other websites still displaying such advertisements.
Similarly, in March 2018, search engine giant Google prohibited ads that were in any way related to cryptocurrencies and ICOs from their AdWords service. As stated by Google, cryptocurrency is not yet regulated, and lawful trading is still a controversial subject in terms of safety despite reassurances.
A lot of this can be attributed to fraudulent cryptocurrency startups, which have raised money through ICOs and “exit-scammed” after that. This has tarnished the outlook for cryptocurrencies as a whole.
To conclude, Alsoszatai-Petheo reassured readers that the Bing community is always big on maintaining a safe and fun environment for their users and the digital advertising ecosystem at large. Due to which, they will continue reviewing and reevaluating their policies, hinting that the ban could be lifted if clear regulations are enforced.