Finance Industry Calls Google’s Crypto Ad Ban ‘Unfair’, ‘Troubling’
Investors went on record this week to pan Google for its cryptocurrency ad boycott which started June 1, The Independent reports Monday, June 4.
The questionable approach, which the web giant initially reported in March, neglected to significantly affect either Bitcoin or altcoin markets on Monday, with BTC/USD managing new support around $7500.
Prices had expanded uniquely over the end of the week, hopping nearly $400 to achieve highs over $7750.
As a correction gets in progress, Google has experienced harsh criticism in explicit terms for its choice to block cryptocurrency advertisement content while it seeks after blockchain technology.
“I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices,” Phillip Nunn, CEO of UK investment firm Blackmore Group with £70 mln under administration, said to The Independent Monday.
Both Facebook and Twitter have moved to actualize similar bans this year, in spite of the last’s CEO anticipating that Bitcoin would turn into a “single world currency” by 2028.
Suspecting a targeted move, Nunn recommended that like Facebook, Google was moving to set up the path for its own, centralized virtual resource.
“I suspect the ban has been implemented to fit in with potential plans to introduce their own cryptocurrency to the market in the near future and therefore removing other crypto adverts allows them to do it on their own terms,” he included.
Meanwhile, UK disruptor bank Revolut, which in April finished a $250 mln funding round to accomplish a $1.7 bln valuation, cautioned the policy and failed to recognize genuine organizations from terrible actors.
“Unfortunately, the fact that this ban is a blanket ban will mean that legitimate cryptocurrency businesses which provide valuable services to users will be unfairly caught in the crossfire,” head of mobile at digital banking Ed Cooper remarked.
