Money

Bing Blocks Cryptocurrency And ICO Advertisements

Bing, the search engine owned by Microsoft, is following the lead of other major tech companies by banning ads for digital currencies.

As cryptocurrencies began soaring in popularity last year, ads for new projects started appearing across the internet. While many became familiar with the ridiculous “crypto expert” ads that promised the secrets to investment success, advertising for new blockchain-based platforms can be much more difficult to parse.

This confusion and the regulatory uncertainty of the product seems to be what led Bing to ban those ads from their search engine.

New Policies To Protect Consumers

The change was announced in a blog post on the company’s website, and it comes on the heels of similar announcements by Google and Facebook. According to the post, these changes will be reflected in the company’s official policies in June, and enforcement will begin later that month.

Melissa Alsoszatai-Petheo, Bing’s advertiser policy manager, writes:

“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.”

New digital currencies and blockchain platforms typically launch through an Initial Coin Offering (ICO) where the company sells issuances of their new digital currency to interested investors. So far, this process has proven to be incredibly lucrative.

Last year, ICOs raised $5.6 billion for new startups, which was a record at the time. However, in just over four months this year, ICOs have nearly doubled that total by netting companies $7.3 billion.

While this has been a boom for new blockchain startups, it has also been fodder for scammers to prey upon the enthusiasm and FOMO that often accompanies ICO investors.

Because it’s relatively simple to launch and ICO and since there is little formal oversight of the practice, it’s possible to lure unsuspecting investors with promises and a compelling ad campaign. Large media platforms are continually demonstrating that they don’t want any part of this behavior.

The Effects Are Limited

For Bing, the effect of their decision is less substantial than for other platforms. Google currently dominates the search engine market with as much as 91% of all online searches flowing through their platform. According to The World Economic Forum, Google is the most trafficked website in the world.

Meanwhile, Facebook is the third most popular website in the world with more than two billion active accounts. In contrast, Bing accounts for just over 3% of the world’s search engine traffic.

Bing’s move seems more concerned with the lack of regulatory oversight for digital currencies rather than the viability of qualified projects.

For instance, Microsoft is involved in several blockchain development collectives including the Enterprise Ethereum Alliance, and they are a sponsor of this week’s Consensus conference happening in New York City.

This story originally appeared in Cryptoslate. Image courtesy of Shutterstock.

Join The Discussion

Italy Steps Toward Populist Government As Conte Gets Mandate
Italy Steps Toward Populist Government As Conte Gets Mandate [Video]
Trump Will Know Next Week If North Korea Summit To Go Ahead
Trump Will Know Next Week If North Korea Summit To Go Ahead
French Government Orders Evacuation Of Paris Migrant Camps
French Government Orders Evacuation Of Paris Migrant Camps
Death Toll Climbs In Karachi Heatwave
Death Toll Climbs In Karachi Heatwave
Italian Court Rules Bankrupt Crypto E
Italian Court Rules Bankrupt Crypto Exchange BitGrail Must Stay Closed
One Of The World's Largest Stock Exchanges Is 'Deep at Work' With Bitcoin
One Of The World’s Largest Stock Exchanges Is ‘Deep at Work’ With Bitcoin
India’s 18% Crypto Tax, What Are The Main Points Of The Porposal
India’s 18% Crypto Tax, What Are The Main Points Of The Porposal?
Bears Push Bitcoin Price Below $8,000
Bears Push Bitcoin Price Below $8,000
The Best Times And Days To Post On Facebook, Instagram And Twitter
The Best Times And Days To Post On Facebook, Instagram And Twitter [Infographic]
The 10 Marketing Skills Needed In 2018
The 10 Marketing Skills Needed In 2018 [Infographic]
A Marketer's Guide To B2B Blogging Success
A Marketer’s Guide To B2B Blogging Success [Infographic]
How Much Value Can You Get From Graphics
How Much Value Can You Get From Graphics [Infographic]
Instagram Rolls Out Option To Mute Profiles
Instagram Rolls Out Option To Mute Profiles
Facebook Adds Three New Options To Facebook Stories
Facebook Adds Three New Options To Facebook Stories
Instagram Officially Launches Re-Sharing Of Posts To Stories
Instagram Officially Launches Re-Sharing Of Posts To Stories
YouTube To Launch New Music Streaming Service On May 22
YouTube To Launch New Music Streaming Service On May 22
The Surprising Link Between Procrastination And Threats To Your Health
The Surprising Link Between Procrastination And Threats To Your Health
How To Be Ambitious Even In Dark Times
How To Be Ambitious Even In Dark Times [Video]
How To Overcome Obstacles
How To Overcome Obstacles [Podcast]
Convince Yourself You Are Worth It
Convince Yourself You Are Worth It [Podcast]