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The Manitoba Securities Commission (MSC) – a regional financial markets regulator in Canada – is expecting Google to follow the example of Facebook and stop displaying ads and sponsored links for risky financial products like cryptocurrencies, initial coin offerings (ICOs) and binary options, reports The Times of Israel.
Jason Roy, a senior investigator at the MSC and chairman of Canada’s Binary Options Task Force said he was pleased with the Facebook decision and hopes Google will do the same. Roy told The Times of Israel that the Binary Options Task force and the FBI have explained Facebook the effect the ads on those risky and often fraudulent products have on people. “We’ve been talking to Google and had similar discussions and are waiting for them to take similar action”, said Roy.
So far Google has kept quite on its plans, but company representatives said that such ads are either way forbidden under its policies on Misrepresentation and Misleading Ads. However, ads of brokers offering trading in binary options or Bitcoin still appear on top of Google’s search results.
It is true that not all binary options brokers or ICOs are fraudulent, but, nevertheless, those products are very risky and have a huge scam potential.