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Several years after Google relaxed its ban on crypto ads, Bitcoin firms are still unable to promote themselves—but their imposters can.
In brief:
Google is letting an imposter crypto website advertise on its platform instead of the real company.
The fake site is a phising website designed to steal user details.
These details can be used to steal Bitcoin and other cryptocurrencies.
Despite upturning their blanket ban on cryptocurrency ads, some crypto-centric businesses are still struggling to get promoted by Google. But scammers, it seems, are able to promote their fake websites without a hitch.
When you search “CoinCorner” on Google, an advert promotes the site http://www.coincornerr.com, with the name CoinCornerr. The apparent scam website mirrors the real CoinCorner website, asking users to enter their details. This is a phishing attack, where the scammers will use the details to steal the users’ Bitcoin. CoinCorner has reported the website but it is still online.
“We’ve been unable to use GoogleAds for years, despite having more than enough evidence to prove we’re legit,” argues Spiers, “So it’s frustrating when this happens and not just from a business perspective but from trying to protect consumers too!”
CoinCorner CEO Danny Scott tweeted that CoinCorner is a “6 year old company, registered with our financial services authority and still Google says no.”
It’s not the first time Google has advertised a hoax website. Scammers and speculators have been using Google Ads to promote roguish schemes for years. And Google, for the most part, seems to have profited from it—pocketing the ad revenue even when a fraudulent website has been exposed.
“We have previously had access to the GoogleAds platform – we were loyal customers for 4 years, from when we launched CoinCorner in June 2014 to when Google updated their Financial Services policy in June 2018, announcing a blanket ban on cryptocurrency advertising,” Spiers told Decrypt. She said that when Google relaxed its policy, it was only in the US and Japan. “We have contacted Google on a number of occasions to ask about the status of the UK, but to date, GoogleAds is still not available to us,” she added.
Ironically Google’s crypto ad embargo was originally put in place to protect users from fraudulent offerings.
The ban was partially relaxed in 2018 when Google allowed regulated cryptocurrency exchanges in both the US and Japan. Still, several crypto companies, including CoinCorner, have strived to use GoogleADs and been turned away—despite satisfying the criteria.
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