Bing is the latest tech company to ban cryptocurrency advertisements from its platform, citing the need to protect its users from scams.
The announcement was first made on May 14 on Bing’s website, citing concerns with the unregulated nature of the market and the number of scams that currently exist. The concerns stem from the frequent news of ICOs and other products being deemed as scams by regulators.
“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. To help protect our users from this risk, we have made the decision to disallow advertising for cryptocurrency, cryptocurrency related products, and unregulated binary options.” Bing said in their statement.
The ban, which will begin this June, puts Bing among other major tech companies banning cryptocurrency advertisements. In 2018, Twitter, Google, and Facebook notably enacted policies to ban cryptocurrency ads from their platforms due to fears of introducing their users to scams.
Many have speculated that the news of these platforms banning ads negatively impacted the markets and helped contribute to the downward market cycle. Industry associations in various companies are preparing lawsuits against these tech giants, claiming that there is “cartel collusion” amongst major tech companies to artificially deflate and manipulate the cryptocurrency market.
The news of the cryptocurrency ad bans was not necessarily bearish news however. Facebook’s Mark Zuckerberg and Twitter’s CEO Jack Dorsey both have made bullish statements on cryptocurrencies in recent months. Jack Dorsey notably predicted that Bitcoin could very well be the world’s single currency in the next decade, and Mark Zuckerberg made studying and understanding cryptocurrencies one of his top personal goals in 2018.
Zuckerberg said in his personal pledge that “There are important counter-trends to this –like encryption and cryptocurrency — that take power from centralized systems and put it back into people’s hands. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”
It is unclear whether or not these companies will adjust their policies once regulations are placed on the cryptocurrency markets.