The decision by Facebook to ban any adverts that are associated with cryptocurrencies, it seems, was made not on their own. Rather, it came after months of pressure from the FBI and other regulators, who are now putting pressure on Google.
Jason Roy, senior investigator of the Manitoba securities Commission and Chairman of the canadian binary options Task force, said:
“It so happened that the task force on binary options in Canada, as well as the FBI told Facebook that such advertising is a concern. Such ads lead to the fact that people are victims of scams. We talked to Google and had a similar discussion.”
Google, as Facebook is under pressure from the FBI
These “discussions” have continued for months, but Facebook has finally taken action. “We are very pleased that the company has started to cooperate with us,” Roy said. However, now it looks like he’s trying to get Google to do the same.
“I hope the company will adopt a similar policy regarding such promotional products as binary options, ICO and cryptocurrency transactions,” Roy said.
A Google spokesperson said,”we’re already taking action against misleading advertisements.”
Raising the question of why they want to completely stop such advertising, given that there are many legitimate cryptocurrencies and ICOS, Roy said the following:
“There was a huge explosion of different ICOS, new tokens and crazy offers. You can see that the ICO collects large sums of money, and in some cases, there is nothing behind them. But members of the public are still ready to invest their funds.”
Thus, assuming that people must be protected from themselves, Google and Facebook have to act as law enforcement for the government of the United States.
“We will look at what they are doing and determine whether their activities are legal,” he said in the context of determining which ICOS are legal.