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.

Read this next

Retail FX

eToro is latest platform to suspend Terra’s LUNA, Binance resumes trading

Israeli social trading network eToro has become the latest platform to suspend trading on the Terra (LUNA) cryptocurrency in light of a market-wide downturn.

Industry News

UK court allows ThinkMarkets’ “obscure” B-book claims against IS Prime

“The Judge added that “Think did need to address the concerns expressed” as its counterclaim “suffers from a lack of detail, obscurity and potential inconsistency”.

Retail FX

Brazilian Broker XP launches crypto trading to 3.5M users

XP Inc (XP.O) is set to launch a crypto trading platform, dubbed ‘XTAGE’, as Brazil’s largest broker is looking to tap into the growing interest in trading bitcoin and other digital assets.

Retail FX

easyMarkets adds MT5 as demand for platform continues to grow

easyMarkets has joined a growing group of brokers in switching over to MetaTrader 5 (MT5), becoming the latest retail platform to incorporate the platform into its live trading infrastructure.

Institutional FX

SGX’s FX volume shines in a largely lackluster April

The Singapore Exchange (SGX) notched a healthy gain in its FX and indices volumes, despite seeing a wavering performance across commodity and securities segments.

Industry News

Devexperts webinar: Attracting retail traders with fractional trading

Following the successful webinar on introducing crypto to retail investors, Devexperts is returning to host a new one about fractional trading. 

Digital Assets

Relai to launch bitcoin debit card to unlock BTC via every purchase

To attract more retail investors to the crowdfunding project, Relai has promised 0% fees on transactions on the Relai app for those who invest €5,000 or more.

Digital Assets

Amid crypto meltdown, Tether reduces corporate debts in USDT reserves

Tether, which is closely affiliated with crypto exchange Bitfinex, has drastically reduced its holdings of commercial debt in its reserves over the last six months. Instead, the stablecoin issuer allocated most of its non-fiat reserves to Treasury bills, almost doubling assets in short-term government securities.

Industry News

TrustPay launches SEPA instant payments

” Our clients will now be able to make instant transactions with the immediate settlement of funds, which makes business more effective in today’s fast world.”

<