Following the announcement from Facebook about the Binary Options, cryptocurrencies and ICOs advertisement ban, Canadian Regulators Call for Google Binary Options and Crypto Ad Ban.
6 February, AtoZForex – After Facebook has announced the Binary Options, cryptocurrencies and ICOs advertisement ban last week, regulators from Canada have called for Google to adopt the same approach.
According to the Product Management Director of Facebook, Rob Leathern, the new Facebook policy bans ads that specifically promote the types of services and products “that are frequently associated with misleading or deceptive practices.”
Some of the cryptocurrencies, such as Bitcoin, Ethereum and Litecoin, and ICOs have been involved in a number of scams. According to Mr. Leathern, Facebook wants the public to“to continue to discover and learn” about those products and services, “there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
Following this announcement from Facebook, Jason Roy, a senior investigator at the Manitoba Securities Commission and chairman of Canada’s Binary Options Task Force, has stated the following:
“We’re very pleased with Facebook’s decision. My hope is that Google will enact a similar policy, where they specifically name products like binary options, ICOs and cryptocurrencies.”
Canadian Regulators Call for Google Binary Options and Crypto Ad Ban
However, Google does not have any such policy in place. According to some of the industry insiders, the Internet giant still generates a lot of the paid traffic for Binary Options, ICO and cryptocurrency entities.
Some online reports quote Google spokeswoman Roni Levin stating that “we already ban and enforce against misleading ads and misrepresentation (across all categories). Here are the policies — Misrepresentation and Misleading Ads.”
Mr. Roy has stated that Canadian and some other law agencies are calling for Google to follow Facebook’s move and establish an advertisement ban. He has been quoted as saying:
“What happened is that Canada’s Binary Options Task Force as well as the FBI explained to Facebook what the concerns were and that these types of ads are leading to people becoming victims. We’ve been talking to Google and had similar discussions and are waiting for them to take similar action.”
Reportedly, Mr. Roy along with FBI have been discussing with Google and Facebook the role of advertising for the Binary Options industry. The sector, in fact, was outlawed in Israel by the Knesset in October.
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