Bing, one of the leading search engine platforms around the globe, released a report on January 25, 2019, stating that they blocked more than 5 million ads related to cryptocurrencies. Notably, Bing Ads were third in the suit to announce a ban on cryptocurrency advertisements last year, after Facebook and Google.
The platform is well-known as it is operated by Microsoft, which promotes paid advertisements on Microsoft, Yahoo, and other platforms. Prior to the acquisition by Microsoft, Bing Ads was known as Adcenter.
The blog post said:
“While digital advertising is incredibly powerful and open, it is also prone to abuse by bad actors trying to defraud and deceive users by delivering harmful and misleading ads, with persuasive content and innocent looking URLS that lead to phishing, malware attacks and other types of fraud.”
This was followed by the platform stating that all the advertisements displayed on the platform were “evaluated” with their latest Artificial Intelligence technology and their human review experts, who then removed the bad actors functioning on the platform.
Furthermore, the team stated that around 200,000 accounts were suspended from their platform in 2018, besides the 900 million bad advertisements and 300,000 bad websites which were also taken down.
The blog post further spoke about cryptocurrency ads displayed on their platform. It read:
“Cryptocurrency as an asset class saw a bull run in 2018, increasing valuations multi-fold. The high returns and volatility of cryptocurrencies invited a lot of interest from retail investors and speculators looking to make a quick return.”
It added that the “overall pseudo-anonymity” in cryptocurrencies such as Bitcoin [BTC] resulted in it becoming a “prime target” for fraudsters and scammers to “defraud end-users” because of the lack of regulatory clarity on the cryptocurrency space.
The team stated:
“Bing Ads therefore decided to ban cryptocurrency content from our advertising platform and blocked more than 5 million ads containing cryptocurrency content.”
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