According to recent anecdotal reports of several companies working in Initial Coin Offering [ICO] industry, Google is taking initiatives to restrict the visibility of ICO advertisements on its platform. The necessary steps are being taken towards this.
This motive of Google has come as no surprise after Facebook recently banned advertisements related to cryptocurrencies and blockchain on its platform. Although, there is no official notice from Google clearing the air on the topic. The expectation rose after the companies that are running Adwords received warning reports for ICO-related Adword Campaigns.
Several companies running Google Adword campaigns related to ICOs have faced significant performance drop. 99% reduction in clicks have been reported over the course of two days. At the same time, the company started to receive limited approval for their campaigns from Google. In addition to this, some campaigns have already been suspended.
This became clear when Jason Roy, a senior investigator at the Manitoba Securities Commission and Chairman of Canada’s Binary Option Task Force, openly praised Facebook’s decision on banning advertisements related to cryptocurrency on its platform and indicated the fact that they have requested Google to adopt a similar policy.
Jason Roy comments:
“My hope is that Google will enact a similar policy, where they specifically name products like binary options, ICOs, and cryptocurrencies.”
There has been raise in the number of different ICOs and the new token offerings over the past year.
Mr. Roy also added to his comments:
“There’s just been an explosion of different ICOs and new tokens and crazy offerings. You’re seeing ICOs that are raising large amounts of money and there’s nothing behind them in certain cases, but members of the public are so hyped they’re throwing money at them”
Roy gave a detailed explanation of how Canada’s Binary Options Task Force and FBI explained to Facebook the scenario where innocent people become victims of the advertisements of ICOs on the hugely followed Facebook platform.
The authorities are waiting for the response from world’s largest platform for Internet users, Google. Canada authorities hope that Google does enact a similar policy where a product specification is enacted to classify products as Binary options, ICO, and cryptocurrencies.
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