Mailchimp just followed in the footsteps of other social media platforms and banned cryptocurrency related ads because of the excessive fraud which is associated with the industry.
Mailchimp Says That the Policy is Adequate
The email marketing service has said that it will be shutting down accounts that are related to any ICO and crypto-related activity that are on its platform. As stated by Futurism, Mailchimp initiated the policy on Feb. 29 which will close down said accounts.
The Acceptable Use Policy of the company’s states that it “does not 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 was asked to explain this policy, more exactly, if it was going to cancel accounts where there are only blockchain or ICO related discussions and if not, how they were going to distinguish them from accounts which are actively advertising.
“The promotion and exchange of cryptocurrencies is too frequently associated with scams, fraud, phishing, and potentially misleading business practices at this time. It’s important to note that this update to our policy does not prevent the discussion of related topics in messages sent through our platform. For example, journalists and publications may send cryptocurrency-related information as long as they’re not involved in the production, sale, exchange, storage, or marketing of cryptocurrencies,” responded the company.
Mailchimp Joins the Crypto-Ban Movement
In recent months, major social media platforms have started to ban cryptocurrency related advertising, often times the ban clashing with their own interests.
Facebook was the first social giant that issued a ban in January just at the start of what has apparently become a huge scandal concerning their own privacy practices. It was revealed that Facebook gave the personal information of millions of users to Cambridge Analytica.
Twitter followed shortly and even though CEO Jack Dempsey is also CEO of Square a company that has tight connections to Bitcoin, in which he himself has invested in. But nevertheless, on March 27 Twitter declared that it would “be cutting out advertising of initial coin offerings and their token sales as well as global cryptocurrency wallet platforms if they are not publicly listed on select stock exchanges.”
Google, the world’s most used search engine has also decided to follow this trend. “Google’s updated financial services policy will rule out all related cryptocurrency advertising through its AdWords service.” Again Google cited user protection as the reason for the ban.