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Microsoft’s Search Engine Bing Bans Cryptocurrency Advertisements

Microsoft bans cryptocurrency ads on Bing search engine

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Microsoft pauses rollout of Windows 10 October update. Pixabay
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After Facebook and Google, Microsoft has now banned advertisements showing cryptocurrencies and related products from its Bing search engine.

“Because cryptocurrency and related products are not regulated, 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,” Melissa Alsoszatai-Petheo, Advertiser policy manager at Microsoft, said in a blog post on Wednesday.

“To help protect our users from this risk, we have made the decision to disallow advertising for cryptocurrency, its related products, and un-regulated binary options,” she added.

Cryptocurrency
Cryptocurrency. Pixabay

Bing Ads will implement this change globally in June, with enforcement rolling out in late June to early July.

Google in March announced that it would ban advertisements for cryptocurrencies and other “speculative financial products” across its ad platforms.

The ban on such advertisements would come into force from June.

Also Read: Microsoft in Motion to Secure Billions of Connected ‘Edge’ Devices

In January, social media giant Facebook banned all ads promoting cryptocurrencies, including Bitcoin and ICOs.

According to media reports, Twitter was also likely to ban cryptocurrency, token sales and Initial Coin Offerings (ICO) advertisements on its platform. (IANS)

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Regulating Cryptocurrency Now Important More Than Ever

Financial regulators worldwide have struggled to deal with the rise of electronic alternatives to traditional money.

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People use a bitcoin ATM in Hong Kong. VOA

A global financial body says governments worldwide must establish rules for virtual currencies like bitcoin to stop criminals from using them to launder money or finance terrorism.

The Financial Action Task Force said Friday that from next year it will start assessing whether countries are doing enough to fight criminal use of virtual currencies.

Countries that don’t could risk being effectively put on a “gray list” by the FATF, which can scare away investors.

Cryptocurrency, virtual currencies
The value of cryptocurrency rises and falls daily. Pixabay

Marshall Billingslea, an assistant U.S. Treasury secretary who holds the FATF’s rotating leadership, said, “We’ve made clear today that every jurisdiction must establish” virtual currency rules. “It’s no longer optional.”

Also Read: McAfee: Cryptocurrency Mining Malware Grew 86% in Q2 of 2018

The FATF described how the Islamic State group and al-Qaida have used virtual currencies.

Financial regulators worldwide have struggled to deal with the rise of electronic alternatives to traditional money. (VOA)

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