The Manitoba Securities Commission and chairman of Canada’s Binary Options Task Force called for restrictive measures on all ads for binary options, cryptocurrencies and initial coin offerings (ICOs). The Canadian and U.S. law enforcement branches asked Google to follow Facebook in its initiative to change its advertising policy and ban all advertisements that promote cryptocurrencies, binary options and ICOs.
In an interview with The Times of Israel, Jason Roy, a senior investigator at the Manitoba Securities Commission and chairman of Canada’s Binary Options Task Force, explained that the regulator is pleased with Facebook’s decision and he hopes that Google will adopt similar advertising policy pertaining to financial products and services that frequently mislead the users with deceptive information. In fact, many countries around the globe called for a ban on the provision of trading on binary options.
The Times of Israel reported that a former pay-per-click expert for the online gambling industry who worked briefly in binary options claim that most of the paid traffic for binary options websites comes from Google AdWords. The person detailed that Facebook accounted for 15% to 20% of the paid traffic, but these companies paid a large cut of their budget to Google AdWords. Reporters from The Times of Israel asked Google spokeswoman Roni Levin if Google is to ban cryptocurrency and ICOs ads. In an email, Mr. Levin explained that Google has already adopted a ban on the misleading ads.
The World is Getting Smaller for the Fraudulent Binary Options Industry
Binary options have appeared on the radar screen of various regulators after a number of people warned that the companies that offer binary options are designed to swindle money from the users. Binary options industry defrauded millions of people around the world. These financial gambling activities are becoming a growing problem.
Despite their increasing popularity, most people still have limited knowledge of what cryptocurrencies are. On 30th January Facebook officially announced its decision to ban cryptocurrencies, binary options and ICOs-related ads in an effort to stop the glamorization of these technologies, which has resulted in a number of scams and frauds. Regulators applauded Facebook’s move, explaining that it will protect people from being preyed by misleading or deceptive promotional practices.
It is easy to explain why Facebook decided to ban misleading ads that pertain to binary options, but many would ask why the social media giant also barred cryptocurrency-related advertising on its network. In fact, many companies that offered binary options changed the product they are selling to cryptocurrency and ICOs.
Binary options allow punters to place bets on the movement of financial assets over different periods of time. This form of financial gambling has increased in popularity over the past several years to become the leading form of financial fraud.