Ban on Online Crypto Ads Questioned Anew by Financial Execs

Jun 07, 2018 at 21:00

Several finance industry executives have questioned Google’s decision to ban cryptocurrency advertisements anew, claiming that it is “unethical.”

Philip Nunn, chief executive officer of Blackmore Group, a Manchester-based investment firm, expressed that due to Google and Facebook’s indication of interest in cryptocurrencies and blockchain technology, the ban is not based on concerns about criminality.

“I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices,” he stated.

It can be recalled that last March, a Google spokesperson noted that the conglomerate was exploring the technology but declined to provide specific details citing that it was too soon to discuss any plans.

Likewise, Facebook indicated interest in blockchain technology last month when it announced that David Marcus, former Facebook Messenger chief will now lead an exploration of blockchain.

Despite the ban, it can be noted that marketers were able to circumvent Facebook’s attempts to block cryptocurrency related advertising with moves such as abbreviating the word cryptocurrency as c-currency and replacing the o in Bitcoin with a zero.

Meanwhile, Ed Cooper, head of digital banking startup Revolut, noted that banning cryptocurrency advertising can also be viewed as a positive since the growth of such advertising undermines its perception but expressed that the ban is an unfair targeting of the industry.

“Unfortunately, the fact that this ban is a blanket ban will mean that legitimate cryptocurrency businesses which provide valuable services to users will be unfairly caught in the crossfire,” he stated.

Cooper said that a more targeted effort would be better since it would be fair and it would be excessive to ban all ads for things like anti-virus software, charities or job postings which are also being utilized by scammers to victimize.