After Facebook, Twitter and Google, Microsoft jumps in the bandwagon and bans cryptocurrency ads from Bing.
Microsoft is the latest tech giant to make a move against the promotion of cryptocurrency. In an official blog post, Melissa Alsoszatai-Petheo, Advertiser policy manager at Microsoft explains why.
“Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users.”
“To help protect our users from this risk, we have made the decision to disallow advertising for cryptocurrency, its related products, and un-regulated binary options,” she added.
Bing is the second most popular search engine after Google.
Facebook first made a move in in January, banning ads promoting cryptocurrencies, including Bitcoin and ICOs. The search giant Google announced their own ban in March with implementation starting in June.
Twitter also announced their ban on crypto, token sales and ICO advertisements on its platform.
According to the blog post, Microsoft’s ban will be implemented globally in June. Its enforcement set to roll out in late June and early July. The company claims that Bing has already rejected about 25 million ads in 2017 related to tech scams.
It will definitely be interesting to observe what direction these bans will go. Recently, rumours have been suggesting that Facebook is planning to launch its own cryptocurrency. If this indeed comes to light, that’s 2.9 billion possible users with access to a cryptocurrency. Do you think these bans will be lifted then?
San Francisco-based Kraken is ending its trading service in Japan after being in the country since 2014.
Kraken is bidding goodbye to Japan, for now at least.
The company, who has had their presence in Japan since 2014, expressed their “deepest regret” in the emailed statement.
According to Kraken, the revenue against the costs and resources required to maintain the service was part of the decision.
“Suspending services for Japan residents will allow us to better focus on our resources to improve in other geographical areas,” the company said.
They emphasise that the suspension of the service is only for those who are residents of the country. Japanese citizens and businesses residing outside the country are not affected and are still be able to use the services.
However, the company does not see this move as something permanent. “After we have had a chance to better catch up to our rapid growth, we will consider the possibility of resuming service for Japan residents.”
The last day of deposit is around mid-May. Japan residents can continue trading until mid-June. It’s also important to note that the last day of withdrawal is at the end of June this year.
Despite this news, Japan is still seen as one of the friendliest countries for trading digital currencies. While other countries choose to ban ICOs, Japan actually chose to to take the first step in legalising them earlier this month.
Encrypted messaging app Telegram succeeds in doubling the money they raised to $1.7 billion, the biggest to date.
Telegram Group Inc., an encrypted messaging app, managed to increase their proceeds to a whopping $1.7 billion in coin of. This is according to a regulatory filing submitted last week.
The British Virgin Islands-registered company was able to raise $850 initially in February. They then raised another $850 million from 94 investors last month. In the filing, the company has also indicated plans to “pursue one or more subsequent offerings”.
Gennady Zhilyaev, a former executive of Templeton Emerging Markets Group in Russia, explains the good results. “Raising the planned amount is a success for Telegram, given that the Bitcoin decline in recent weeks made investors more cautious toward crypto-assets,” he said.
Founded by Russian Pavel Durov, the company plans to use the proceeds to develop the Telegram Open Network (TON) blockchain. This will included their own cryptocurrency aptly named Gram. According to Telegram documents, their transaction speeds aim to surpass Bitcoin and Ethereum. Their service also plans to compete with the likes of Visa and Mastercard.
The success of their ICO was sort of unprecedented given its popularity in the crypto community. The group messaging of the app seems to be used by the majority of ICO projects. A blog from the company in March shared that they have already reached 200,000,000 users within the last 30 days.
Twitter confirms the ban of cryptocurrency and ICO-related advertisements on its platform.
News about the possibility of the ban surfaced last week and now it has finally been confirmed. Twitter will start banning cryptocurrency-related ads starting Tuesday.
The micro-blogging giant is the third major online platform to announce the ban following Facebook and Google. This is to reduce the possibility of potential fraud or large investor losses that maybe promoted in their website.
“We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency,” a Twitter spokesperson told CNBC.
The new policy rolls out in the next 30 days globally. The ban will include ads on Initial Coin Offerings (ICOs) and token sales. Twitter will also ban ads by cryptocurrency exchanges and e-wallet services.
However, this news doesn’t seem to faze crypto enthusiasts.
Blockchain Capital Spencer Bogart points out Jack Dorsey, Twitter’s CEO, is a believer of the cryptocurrency. He says’s to “read between the lines on any announced ‘ban’.”
“Given that the larger and more significant platforms have already made this move, I wouldn’t expect Twitter’s news to have much of an effect,” he explains.
Earlier this week, Dorsey has told the Sunday Times newspaper that he believes it will overtake the dollar in importance. He adds that Bitcoin will become the single global currency within the next decade.