Finance industry blasts Google over ad ban

The finance industry has hit back at Google this week over its ban on cryptocurrency-related advertising.

Companies and investors have gone on record to slam the search engine giant for banning crypto ads, according to The Independent.

Internet giant’s controversial new policy, which was announced in March, had little impact on the cryptocurrency markets Monday.

BTC/USD managed to sustain new support at around $7500.

Prices across the board saw a short rally over the weekend, with Bitcoin jumping almost $400 to reach highs around $7750.

Google under fire

Google has increasingly come under fire from the finance industry for its decision to ban cryptocurrency advertisements while it develops blockchain technology for itself.

The CEO of UK investment firm Blackmore Group, Phillip Nunn, manages £70 mln in funds, said to The Independent on Monday:

“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.”

Both Twitter and Facebook have moved to implement similar bans this year.

Both Twitter and Facebook have moved to implement similar bans this year.

This move from Twitter was surprising since the companies CEO Jack Dorsey declared that Bitcoin will be a “single world currency” within ten years.

Nunn suspects a targetted move, suggesting that, like Facebook, Google is preparing the way for its own, centralized digital asset, adding:

“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.”

Meanwhile, UK disruptor bank Revolut, which in April completed a $250 mln funding round to achieve a $1.7 bln valuation, warned the policy failed to distinguish legitimate companies from bad actors.

Meanwhile, UK disruptor bank Revolut, which in April completed a $250 mln funding round to achieve a $1.7 bln valuation, warned the policy failed to distinguish legitimate companies from bad actors.

The head of mobile at digital banking Ed Cooper commented:

“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.”