Crypto News | Google Crypto Ads Ban Shakes Things Up

Economists saying that crypto is a bubble about to burst? Check, been that way for 8 years. Christine Lagarde, managing director of the IMF writes in her blog post to “fight fire with fire”, and that governments should crack down on cryptos since they are a “major new vehicle for money laundering and the financing of terrorism”? Wow, ticks all the boxes. Old news, next. News break on Wednesday about the Google crypto ads ban announcement? Wait, what? We’d like to hear more.

Honestly, there isn’t much else to say. Google, the world’s biggest online ad provider, announced that it would be banning cryptocurrency and ICO ads, following in Facebook’s footsteps. Although many argue that Facebook’s ban was unsuccessful and that the filters can be easily circumvented, say with alternative spelling, Bitcoin did not feel reassured by that, and its price did take a hit following the Google crypto ads ban announcement, dropping below $8,000, before recovering between 8 and 9 AM UTC today. Google said that the restrictions on ads for “cryptocurrencies and related content” will come into effect in June. In spite of the temporary scare, many in the industry believe that the ban will be good for cryptocurrencies in the long term, such as the CEO of BKCM, Brian Kelly, who said that “Facebook and Google ads were always a red flag” anyway.

ICOs also came under fire during a US Congress hearing of the House Capital Markets, Securities and Investment Subcommittee, which took place on Wednesday. One representative called cryptos a “crock”, some expressed intent to pursue legislative action, although most representatives appeared to be leaning towards striking a balance between regulation and innovation in the space.  Mike Lampres, the only person present from a crypto startup, speaking on behalf of Coinbase, asked for more clarity instead of more regulation. In his words, “each agency looks at tokens from its own narrow perspective”, for the SEC they are securities, for the CFTC commodities, for the IRS property, and for FinCEN money.

In an unrelated news, Coinbase won another major victory, only this time, it was abroad. The UK’s Financial Conduct Authority (FCA) has granted an e-money license to Coinbase, allowing the exchange to issue e-money and provide payment services.

Author's overall rating:
Author: Max Rothstein

RISK DISCLAIMER has taken reasonable measures to ensure the accuracy of the information in the website, however, does not guarantee it. The data exhibited in this website is not necessarily always real-time or completely accurate; this includes market analysis, forecasts, signals, assets’ price quotes and charts. Readers should not treat any opinion expressed by the authors of as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of their current opinion. The risks involved in trading binary options are high and may not be suitable for all traders. doesn't retain responsibility for any losses readers might face as a result of using the information presented in this website. This website is owned by Next Media Corp.
In accordance with FTC guidelines, has financial relationships with some of the products and services mentioned on this website. may be compensated if consumers choose to click links in our content and ultimately sign up for mentioned products.
Binary options are not promoted or sold to retail EEA traders. If you are not a professional client, please leave this page.