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Crypto Prices Plunge as Microsoft Bing Bans Ads

Cryptocurrency NewsMay 16, 2018 05:10
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© Reuters. Cryptocurrency prices plunged

Investing.com – Cryptocurrency prices plunged, with Ripple and Bitcoin Cash down more than 10% on Wednesday as Microsoft Bing joined Google and Facebook in banning crypto advertisements.

Bitcoin was trading at $8,177.7 by 12:02AM ET (04:02GMT) on the Bitfinex exchange, down 6.6% over the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market cap, down 6.4% at $684.4 on the Bitfinex exchange.

Ripple’s XRP token plunged 10.9% higher to $0.66508 on the Poloniex exchange.

Meanwhile, Litecoin fell 7.7% to $136.2.

Microsoft’s Bing search engine will no longer show advertising for cryptocurrency, related products, and unregulated binary options, according to reports on Wednesday.

“Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users, with the potential for bad actors to participate in predatory behaviours, or otherwise scam consumers,” said Melissa Alsoszatai-Petheo, advertiser policy manager. “To help protect our users from this risk, we have made the decision to disallow advertising.” 

The news was reported after Facebook (NASDAQ:FB) introduced a similar ban in January. Advertisements are prohibited to “promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency,” The company said in January.

Meanwhile, Google also announced a similar move in March. Its internet search engine, Google Chrome, said it removed most extensions with mining scripts from their official online app store Google Play. “Until now, Chrome Web Store policy has permitted cryptocurrency mining in extensions as long as it is the extension’ssingle purpose, and the user isinformed about the mining behaviour. Unfortunately, approximately 90% of all extensions with mining scripts fail to comply with these policies,” Google said.

Crypto Prices Plunge as Microsoft Bing Bans Ads
 

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Kevin Kirchman
Kevin Kirchman May 16, 2018 8:19
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Competition is a more effective regulator than governments ever were. When customers have an alternative, they switch. This is increasingly not so with MS, Google or Facebook, which are becoming de facto monopolies.
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Markus Crypt
Markus Crypt May 16, 2018 8:19
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true.
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