Canadian regulators are hoping to come to an agreement with tech giant Google over banning bitcoin and Initial Coin Offerings (ICO) ads on its website. As disclosed by the chairman of Canada’s Binary Options Task Force, Jason Roy, “these types of ads are leading people to become victims.”
This was due to the “explosion of different ICOs and new tokens and crazy offerings. You’re seeing ICOs that are raising large amounts of meony and there’s nothing behind them in certain cases, but members of the public are so hyped that they’re throwing money at them.”
The task force would prefer for Google to go the way of Facebook, which had recently banned these types of ads from their site as of January 30. The social media giant, through product management director Rob Leathern, had stated then: “We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
A senior investigator at the Manitoba Securities Commission in Canada has expressed how the agency is “very pleased” with Facebook’s action on the matter.