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Canadian Regulator Wants Google to Ban Ads for Cryptocurrencies, Cryptocurrency Products, and Initial Coin Offerings (ICOs)Following Facebook’s ban on ads that promote cryptocurrency and cryptocurrencies products and services on Jan 30, Canadian regulator has urged Google to follow Facebook’s lead in banning cryptocurrency ads, binary options and Initial coin offerings. Jason Roy, the chairman of Canada’s Binary Options Taskforce and the senior investigator at the Manitoba Securities Commission hopes that Google will follow suit in enacting same policy as Facebook. Facebook’s new policy states: “ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency
”In the blog post that announced the ban, Facebook’s Product Management Director Rob Leathern wrote, “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.
”Will Google Ban Ads? In Roys words, “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 are are waiting for them to take similar action. “However, Google is yet to ban ads that promote cryptocurrencies, cryptocurrency products and Initial Coin Offerings (ICOs). According to Industry Insiders, Google generates much of the paid traffic for fraudulent binary options, cryptocurrency, and ICO companies. In her email to the Times of Israel, Poni Levin, Google spokeswoman wrote that Google already banned and enforced against misleading ads and misrepresentation.
How can one tell the illegitimate cryptocurrency firms from the illegitimate cryptocurrency firms?
Not all cryptocurrencies are fraudulent. While there are fraudulent cryptocurrencies, some cryptocurrency startups are legitimate while some did not out rightly start off as being fraudulent. Roy said he thinks everybody is still trying to figure out what is happening. There is a lot of ICOs going on with many tokens and crazy offerings and the public are going with the rage and throwing money at them. Roy thinks he can see different patterns.
Roy said way to determine the legitimacy of a company is to look at what these companies are doing and check if they are registered. According to him, legitimate companies always follow a type of rules that are laid out in the jurisdiction they are offering their securities to. So, if the cryptocurrency firms are following these rules, they are legitimate, but if they are not following these rules, they are not legitimate.
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