Another door has closed for cryptocurrency ads.
Automated email service MailChimp has joined the ranks of Facebook (NASDAQ:), Google (NASDAQ:), and Twitter by banning all forms of advertisements about cryptocurrencies and initial coin offerings (ICOs). The move is as part of a sweeping crackdown on fraud and other illegal activities involving digital assets.
MailChimp has published its new advertising policy, saying the following in the section titled “Prohibited Content”:
“We cannot allow businesses involved in any aspect of the sale, transaction, exchange, storage, marketing or production of cryptocurrencies, virtual currencies, and any digital assets related to an Initial Coin Offering, to use MailChimp to facilitate or support any of those activities.”
MailChimp explained that its community must work together as the “actions individual members take can have a big impact on our system as a whole.”
List of prohibited activities
Analyst of Finance listed the following as prohibited by MailChimp: cryptocurrency sales, cryptocurrency storage, cryptocurrency exchanges, cryptocurrency marketing, cryptocurrency transactions, ICOs, cryptocurrency production, digital assets related to cryptocurrencies, and virtual currencies.
In an email sent to its customers, MailChimp said the large volume of misleading and fraudulent cryptocurrency advertisements promoted through its platform was the primary reason for the ban.
Social media giants gang up on crypto ads
The move by MailChimp follows earlier decisions by Internet giants Facebook, Google, and Twitter to ban crypto-related ads.
A spokesperson for Twitter stated last month:
“We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.”
Also last month, Google announced it would pull the plug on crypto-related ads as of June to protect the public from unregulated and high-risk financial products.
In January, Facebook became the first social media platform to stop allowing virtual currency ads.
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