Google Turns a Blind Eye to Bitcoin Scam Ads

Google Turns a Blind Eye to Bitcoin Scam Ads

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Google has eased its policy regarding ads for anything related to cryptocurrencies, but many companies still cannot access advertising. The most interesting thing is that scammers can easily do this. A complete ban on ads has been lifted, but barriers still exist for trusted companies.

Molly Spiers, marketing manager for British-based Bitcoin exchange CoinCorner, commented on this matter.

If you search “CoinCorner” on Google, you can see that is being advertised, although it is obvious that the site is manipulating the name. When you click on the link, you are redirected to the real CoinCorner website, so user data is at risk. Despite the owner reporting a fake site, it still works.

Spiers emphasizes that they have been trying for several years to prove that they are legal, but what is happening now is of particular concern because consumers need protection from Bitcoin theft. After all, Google’s actions were aimed specifically at protecting users.

In 2018, this ban underwent changes and some exchanges in the USA and Japan were allowed. However, some companies like CoinCorner were not able to use GoogleADs, despite the fulfillment of obligations and six years of experience.

Fraudsters often use Google Ads to implement their dangerous plans. Apparently, Google will still receive funds from advertising, although this site will be subsequently blocked.

The manager mentioned that they used the Google platform for 4 years, when CoinCorner just started working, but in 2014 it was announced a change in Google’s policy and a final ban on the promotion of cryptocurrency. When the policy was changed again, ads became available only in Japan and the United States, but advertising in the UK is still banned.

The company hopes that they will be able to fully use the capabilities of Google. This is especially true when Bitcoin becomes more and more popular and strengthens its position in the market. Of course, advertising should be available only to trusted exchanges and companies, but this policy required improvement.

It should be noted that recently Ripple sued YouTube for advertising fraudulent schemes with XRP. YouTube banned Ripple CTO David Schwartz and deleted all of his videos. The reason for such actions was that he was hiding behind someone else’s personality. Obviously,  there are too many such mistakes, but fraudsters should not go unpunished.