The cryptocurrency market has taken a tumble late on Wednesday after search engine giant Bing followed Facebook, Google, and Twitter in banning cryptocurrency advertisements on its platform.
The search engine, owned by Microsoft, advised on its blog that on order to “help protect our users from this risk, we have made the decision to disallow advertising for cryptocurrency, cryptocurrency related products, and un-regulated binary options.”
Bing Ads will implement this change to its financial product and services policy globally next month, with plans to stop crypto-related advertisements from late June to early July.
The search engine has made the move due to the unregulated nature of cryptocurrency and related products. Bing found them to present a possible elevated risk to its users and presented an opportunity for “bad actors” to participate in predatory behaviours, or scam consumers.
We think that this is a step in the right direction for the cryptocurrency market. While it may hurt smaller coins and future ICOs, there’s no doubt that an advertising blackout will stop people from being harmed by the small number of bad actors that give the industry a bad name.
So while there may be short term pain for the Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH) prices today, we are optimistic that this move will provide long-term gain.