Microsoft Corporation (NASDAQ:MSFT)’s Bing has decided to ban the cryptocurrency related advertisements on its platform. As per the news that was posted on the Bing Ads blog, the search engine has also decided to stop showing ads related to crypto-related products and unregulated binary options. With this action, Microsoft has now joined its other industry counterparts including Alphabet Inc Class A (NASDAQ:GOOGL), Facebook, Inc. Common Stock (NASDAQ:FB), Twitter Inc (NYSE:TWTR), & Snap Inc (NYSE:SNAP)’s Snapchat.
Microsoft Believes Crypto Ads Pose Risk To Its Users
The changes to this regard will be made to the global financial product and services policy of the company next month and a complete ban will be activated from late June to early July 2018. Speaking about Microsoft’s decision to ban the virtual currency on its platform, the advertising policy manager of the company, Alsoszatai-Petheo said, “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 behaviors, or otherwise scam consumers.”
The policy manager further added the giant IT Company has taken this decision to protect its users from the risk posed by cryptocurrency promotions. It is the not the first time that Microsoft has decided to disallow advertising a particular scheme related to finances on its platform. Apart from virtual currency, the company has also banned other legally questionable businesses such as Ponzi schemes, investments that depend on adding a member to grow a network, and pyramid schemes.
Facebook and Google Bans Promotions Related To Misleading Finance Products
Mark Zuckerberg’s social media network, Facebook issued a ban on cryptocurrency-related promotions at the start of this year citing that the financial products and services promotions are more often associated with deceptive and misleading practices including initial coin offerings, cryptocurrency or binary options. The Facebook product management director, Rob Leathern said that they want the users to discover and learn about new services and products albeit without the fear of deception and scams.
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In March, Google too banned the advertisements related to unregulated investments and cryptocurrency from its AdWords advertisement platform.