Bing notes that the pseudo-anonymity of digital currencies such as Bitcoin “made crypto a prime target for fraudsters and scam artists to defraud end-users.” Bing assert that this is the reason for the prohibition of crypto-related content from its advertising platform that resulted in over 5 million ads being blocked.
Bing further notes that its embargo against weapon advertisement resulted in over 18 million ads being blocked alongside over 5,000 websites. Finally, the company asserts that its attempts to fight tech scams lead to the closure of over 12,000 Bing Ads accounts.
In May 2018, Bing joined other web giants in reporting it would boycott cryptocurrency-related ads on its system by July 2018. The organization at that point stated in an official post:
“Because digital currency and related products are not regulated, we have found them to present a possible high risk to our users with the potential for bad actors to engage in predatory behaviors, or otherwise scam customers.”
Before Bing, Facebook banned crypto-related ads in January 2018, as did Google in March 2018. Twitter soon followed with an embargo on advertising for initial coin offerings and token sales.
While the companies have earlier introduced bans on crypto content, those policies have not necessarily reflected the thoughts of their top executives. Mr. Jack Dorsey CEO of Twitter is a vocal Bitcoin advocate. Facebook CEO Mr. Mark Zuckerberg has too expressed interest in digital assets, telling CNBC last year:
“There are important counter-trends to this, like encryption and digital currency, that take power from centralized systems and put it back into people’s hands. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to employ them in our services.”