Crypto giant bitcoin is slowly losing prominence in the wild west conditions emerging in the global digital currency markets.
Now social media giant Facebook has stepped into ban all crypto currency adverts amid a tightening of regulations.
Rob Leathern, product management director for Facebook Business wrote in a post: “We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.
“That said, there are many companies who are advertising binary options, ICOs and crypto-currencies that are not currently operating in good faith.”
The coin that kicked off the genesis of Blockchain techology has lost one per cent of its market dominance this week.
The news comes as South Korea and America launched crackdowns against rogue traders.
More than 500 exchanges have begun trading this week alone, according to Coinmarketcap.
This comes as the public, hedge funds, institutional investors and banks work on their crypto strategies.
Banks rush to set up desks amid blockchain revolution
JP Morgan, Goldman Sachs and European banks are getting set to enter the market to offer existing customers access amid the biggest disruption to traditional banking since the arrival of the ATM machine, five decades ago.
According to Bloomberg Darren Cohen, Goldman’s principal strategic investments group, is probing plans after a surge in interest from the bank’s customers.
“In response to client interest in digital currencies, we are exploring how best to serve them,” Michael DuVally, a spokesman, said in a statement.
Meanwhile JP Morgan is turning up the heat teaming up with the Royal Bank of Canada and Australia and New Zealand Banking Group to launch a blockchain, according to Fortune.
The bank has also launched QUORUM, a blockchain it calls an “enterprise-focused version of Ethereum.”
Since the start of the year volatility has been the buzz word of the markets.
And it’s only set to get more competitive as 1506 currencies trade across 3853 markets on January 31, 2018.
Singapore central bank says Bitcoin bubble exaggerated
Experts claim that talk of a bubble causing another global financial crash is exaggerated. The current market capital is continuing to grow as swings in prices are dictated by the arrival of new products on to the market.
Sopnendu Mohanty, chief of financial technology Monetary Authority of Singapore told Channel News Asia, and echoed global sentiment about “getting serious about this whole cryptocurrency market”.
South Korea rules out crypto ban amid fraud probe
The South Korean Government is refusing to implement a crypto currency ban amid tightening of regulations.
According to Reuters, the country’s finance minister said he will not close crypto currency trading, as worried investors look to regulators.
He said: “There is no intention to ban or suppress crypto currency.
“Customs service has been closely looking at illegal foreign exchange trading using crypto currency as part of the government’s task force.”
Yesterday Investoo Group CEO David Merry told BBC Business Briefing he welcomed regulation as South Korea intervened to calm market fears of an outright ban.
Mr Merry said anonymous trading is a worry for the market but that there is confidence out there.
He told the BBC: “I think that the aspect of anonymity has been key in the development and it was the real reason why most people got into crypto currencies to start with.
“However now I think it’s much bigger than that, that people are starting to realise that it has got an every day use, it’s going to be around for the foreseeable future. I believe that to have mainstream use of crypto currencies that Governments do need to know them and who they are.”
More to follow…