Finance Feeds logo

Russian authorities find Google in breach of advertising laws over Ali Trade ad

Maria Nikolova

Russia’s FAS concluded that Google LLC violated the Law on Advertising by distributing financial services ads for Ali Trade.

The Russian Federal Antimonopoly Service (FAS) has found that Google LLC violated the Law on Advertising by distributing financial services ads for Ali Trade via Google AdWords.

According to the investigation into a complaint against Ali Trade’s ads, when googling “profitable investments”, Google returned an ad about investments offered by Ali Trade. The regulator considers that the ad leads the public to believe that Ali Trade is an investment fund, whereas Ali Trade, in fact, does not have the necessary license.

That is why, FAS determined that the ad is in breach of advertising laws. FAS has issued an instruction to Google LLC to put an end to the violation.

The regulator is also preparing administrative proceedings against Google LLC that may lead to a fine from RUB 100,000 to RUB 500,000.

Russia’s FAS is rather active when it comes to tackling illegal financial ads online. In July this year, for instance, FAS said it had launched a probe into ads of online trading company InstaForex distributed via Yandex. The problematic advertising message says “InstaForex- official website – broker licensed by the Central Bank”. The authorities then reminded the public that an entity cannot advertise services and products that it is not licensed to offer.

FAS concluded that InstaForex did not have the necessary license by the Central Bank of Russia. Hence, the ads in question violated the Law on Advertising.

Subscribe

Read this next

Technology

Tools for Brokers makes it easy to migrate to its liquidity bridge for MT4/5, cTrader, Match-Trader

“We know how hard it is to move to a new liquidity bridge, especially for prime brokers who distribute liquidity to other market participants. And we didn’t want our clients to miss out on all the functionality that Trade Processor has to offer.”

Digital Assets

Auros raises $17m to strengthen LP and market making business in Crypto

“This strategic partnership with VivCourt and Bit Digital will place Auros in a strong position to build upon our best-in-class market making offering, grow our Derivatives Solutions business and continue to expand market share in our core HFT arbitrage and relative value strategies.”

Digital Assets

Metacade Presale Hits Final Stage Before Listings, Raising Over $500k in under 24 hours

Metacade, fast becoming the most exciting GameFi project in 2023, has reached the final stage of its token presale after raising more than $500k in 24 hours, reaching a total raise of $12.4m.

Digital Assets

KyberSwap announces first ever $ARB token liquidity pools, liquidity mining and trading campaigns on Arbitrum

Since launching in 2021, Arbitrum has emerged as one of the most promising Layer 2 solutions, with its ability to scale Ethereum and enable faster and cheaper transactions.

Digital Assets

Exness, Pepperstone, ThinkMarkets, TMGM tap Crossover’s execution-only crypto ECN

“We are delighted with the financial backing of global industry leaders in retail brokerage, market making, quantitative trading, banking, and crypto-native firms. Our consortium partners share our vision and have paved the way to create scale and opportunities for other industry participants to join our platform and participate in future rounds.”

Digital Assets

MetaMask taps MoonPay for fiat to crypto on-ramp in Nigeria

“Our partnership with MetaMask will enable us to provide Nigerian users with Bank Transfers, a widely used payment method across Nigerian e-commerce businesses. We hope this integration opens the doors for Nigerians to fund their self-custody wallet through a simplified user experience.”

Crypto Insider

Dubai Multi Commodities Centre picks Enya Labs as technology partner

Dubai Multi Commodities Centre (DMCC) has tapped Enya Labs as an ecosystem partner as it seeks to expand Dubai’s leading position as a global hub for digital assets.

Institutional FX

Advanced Markets integrates PrimeXM’s XCore trading and aggregation engine

“Advanced Markets Group has been at the forefront of liquidity innovation since its establishment in 2006. This strategic move, to further enhance our liquidity offering, is testament to our commitment to continue providing our clients with reliable and robust solutions that meet their needs.”

Digital Assets

Bybit taps Paradigm to launch spread trading on USDT-margined instruments

“We are thrilled that our collaboration with Paradigm has enabled us to provide traders with a more streamlined experience when it comes to spreads trading on USDT margined instruments. This launch further demonstrates Bybit’s commitment to bringing next level opportunities to our clients via superior trading experiences with top notch partners.”

<
✖