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FBI forced Facebook to ban crypto ads and pressures Google to do the same

Facebook’s decision to ban all cryptocurrency and ICO-related ads was imposed by FBI and other regulatory bodies, that had been pushing the social network to do so for months. Now the state agencies are trying to catch Google in the same zugzwang.

As stated by the senior investigator at the Manitoba Securities Commission and chairman of Canada’s Binary Options Task Force Jason Roy,

“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 and are waiting for them to take similar action.”

According to his words, the “explanation” to Facebook went on for months until the company finally gave in to FBI’s demands to ban the objectionable ads.

“My hope is that Google will enact a similar policy, where they specifically name products like binary options, ICOs and cryptocurrencies,” Roy noted.

Google seem to be not that enthusiastic about following these recommendations, however.

“We already ban and enforce against misleading ads and misrepresentation (across all categories),” – the company’s representative argued.

The official believes, however, that the users need to be protected from themselves, whereas Google and Facebook should assist law enforcers in this task.

“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 they’re throwing money at them,” Roy said.