Banking challenger and fintech unicorn Revolut has openly criticised the clampdown on cryptocurrency advertising by tech giants like Google and Microsoft, saying that legitimate businesses like its own are going to get “unfairly caught in the crossfire”.
The fintech stalwart’s head of mobile, Ed Cooper, has hit back at claims that the ad ban is in the best interest of consumers who may fall prey to fraudulent or misleading ads on cryptocurrency speculation.
“Unfortunately, the fact that this ban is a blanket ban will mean that legitimate cryptocurrency businesses which provide valuable services to users will be unfairly caught in the crossfire,” he said in a statement to City A.M.
“It would seem heavy handed for example to put a blanket ban on all ads for job postings, anti-virus software or charities, just because ads for these products and service are also sometimes used as an entry point by scammers to target consumers.”
Fears from businesses like Revolut that incorporate cryptocurrency speculation as a key feature of their offering are due to reach a high next month, as Google and Microsoft begin implement their advertising bans. Facebook banned such ads in January, with Twitter promptly following suit.
The boundaries of the bans vary from platform to platform, with Google’s being the most blanket of them all. Twitter’s, for example, still allows advertisement from some crypto-exchanges, but most have been covered by the ban.
Revolut itself upped its cryptocurrency game last week, adding ripple (XRP) and bitcoin cash (BCH) to its roster. The app now allows its users to buy, sell and trade in five different crypto coins from its 25 base currencies, as well as round up the spare change on payments made with its prepaid card and invest it into a crypto savings account.
Cooper added: “Hopefully moving forward, a more balanced approach can be applied to both keep consumers safe, but also allow legitimate businesses to advertise their services and add value."