Saturday January 19, 2019
Home Lead Story After Faceboo...

After Facebook, Google to ban cryptocurrency ads

Updating its financial services-related ad policies to ban any advertising about cryptocurrency-related content, including initial coin offerings (ICOs), wallets and trading advice

0
//
Google to introduce twitter-like updates to the artists. Wikimedia Commons
Tenor is an online GIF platform. Wikimedia Commons
  • Google also bans cryptocurrency ads
  • Earlier facebook banned them as well
  • The ban will come into force from July

Taking a cue from Facebook, Google has announced that it will ban advertisements for cryptocurrencies and other “speculative financial products” across its ad platforms. The ban on such advertisements will come into force from June.

“We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs),” Scott Spencer, Google’s Director of Sustainable Ads, said in a blog post on Tuesday.

Facebook one of the most popular apps in US. Pixabay
Earlier Facebook had banned cryptocurrency ads. Pixabay

“In June 2018, Google will update the financial services policy to restrict the advertisement of contracts for difference, rolling spot forex and financial spread betting,” Google said.

Updating its financial services-related ad policies to ban any advertising about cryptocurrency-related content, including initial coin offerings (ICOs), wallets and trading advice, the Alphabet-owned company said that this policy will apply globally to all accounts that advertise these financial products. In 2017, Google took down more than 3.2 billion ads that violated its advertising policies.

Also Read: Twitter working to fix cryptocurrency scam issue

“That’s more than 100 bad ads per second! This means we’re able to block the majority of bad ad experiences, like malvertising and phishing scams, before the scams impact people,” Spencer added.

Google also blocked 79 million ads in its network for attempting to send people to malware-laden sites and removed 400,000 of these unsafe sites last year. “We removed 66 million “trick-to-click” ads as well as 48 million ads that were attempting to get users to install unwanted software,” the company said.

Last year, Google removed 320,000 publishers from its ad network for violating its publisher policies and blacklisted nearly 90,000 websites and 700,000 mobile apps. Scammers are using “crypto-jacking” or putting lines of code in websites or ads to surreptitiously harness the computing power of the web surfers who look at them.

The power is used to mine cryptocurrency — a digital form of money that has no government or central-bank printing it or standing behind it. In January, social media giant Facebook banned all ads promoting cryptocurrencies, including Bitcoin and ICOs.

The new policy prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, Facebook said in a statement.

“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.

“That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith,” said Rob Leathern, Product Management Director at Facebook.

Facebook invests big in Community Leaders Program. AFP
Facebook representatives say that companies dealing with cryptocurrency are not currently working in good faith. AFP

However, according to DD Mishra, Research Director, Gartner, there have been instances of fraudulent advertisement from some of the bitcoin-based financial products, like the cryptocurrency-based investment funds which are banned in some countries.

“There are also lots of misleading speculations around cryptocurrencies. The concern Google or Facebook may have at this point in time for its customers may be genuine. But such policies to blanket ban certain products will have an adverse impact on its adoption as well,” Mishra told IANS. “A blanket ban for a longer or indefinite period can be counter-productive and may not be a sustainable option,” he added. IANS

Next Story

Google’s Censored China Search Engine Project Triggers Protests

Several Google employees, including former Senior Scientist Jack Poulson, resigned in September, citing lack of corporate transparency in the wake of the censored search engine project

0
Google, smart compose
The Google name is displayed outside the company's office in London, Britain. VOA

Google’s offices in the US, UK, Canada, India, Mexico, Chile, Argentina, Sweden, Switzerland, and Denmark witnessed renewed protests by human rights groups over its plan to re-enter China through a censored search application code-named “Project Dragonfly”.

The demonstrations were organised by coalition of Chinese, Tibetan, Uighur, and human rights groups outside the tech giant’s offices. The Tibetan advocacy groups that were protesting included Free Tibet and the International Tibet Network.

“They fear that a censored search engine would lead to further oppression of the Tibetans, as filtered searches would erase terms such as ‘Tibet’ and ‘Tiananmen Square’ in line with the official narrative of the Chinese Communist Party,” the Business Insider reported late on Friday.

The same concerns apply to the Chinese citizens, including other oppressed minorities such as Uighur Muslims and Southern Mongolian people, the report added.

Google, Main One, russia, smart compose
A Google logo is seen at the company’s headquarters in Mountain View, California, VOA

The Internet giant designed a censored version for China search engine to blacklist information about human rights, democracy, peaceful protest, and religion in accordance with strict rules on censorship in the country that are enforced by its Communist Party government.

The dispute began in August 2018 when reports surfaced that Google staffers working on “Project Dragonfly” had been using a Beijing-based website to help develop blacklists for the censored search engine, which was designed to block out broad categories of information related to democracy, human rights, and peaceful protest, according to The Intercept.

Also Read- In the Name of Kabaddi, Punjab Youth Stay Back in Canada

Several Google employees, including former Senior Scientist Jack Poulson, resigned in September, citing lack of corporate transparency in the wake of the censored search engine project.

In December, Google was forced to shut down a data analysis system that it was using to develop the search engine and the teams working on “Project Dragonfly” stopped gathering search queries from mainland China. (IANS)