Jason Roy, a senior investigator at the Canadian regulatory body called Manitoba Securities Commission has called upon Alphabet Inc (NASDAQ:GOOGL) Subsidiary Google to impose a ban on crypto and ICO ads.
Roy who also happens to be the chairman of the Binary Options Task Force in Canada has encouraged Google to follow in the same path as social media giant Facebook, Inc. (NASDAQ:FB). The latter recently announced that it would no longer allow ads related to cryptocurrency trading on its social media platforms. The Canadian investigator argues that cryptocurrency-related ads have been encouraging people to invest in cryptocurrency which has, in turn, led to losses.
“There’s just been an explosion of different ICOs and new tokens and crazy offerings. You’re seeing ICOs that are raising large amounts of money and there’s nothing behind them in certain cases, but members of the public are so hyped that they’re throwing money at them,” stated Roy in an interview with the Times of Israel.
A Facebook blog written by Rob Leathern, the product management director of the social media giant stated that Facebook had rolled out a new policy that blocks various types of ads. They include ads that market financial products and services that are associated with deceptive promotions such as ICOs and binary options. The blog post announcing the new policy was published on January 30th.
Facebook’s ban against crypto related ads was part of the company’s measures for preventing its users from being misled. Roy stated that the FBI and the Canadian Binary Options Task Force explained to Facebook that some of the ads might be misleading ads that make people become victims to scam content.
Roni Levin, a spokeswoman from Google explained that the company has already placed a ban on misleading ads. However, it seems that ICO ads have not yet made it into the blacklist of ads that have been banned because Google is still showing those kind of ads. It is not clear whether Google will yield to the pressure by actually banning cryptocurrency content.
Google stock closed the latest trading session on Tuesday at $1084.43.