Another giant social media influencer has announced about banning ICO advertisements. Snapchat is the next platform to forbids it.
According to Cheddar, the parent company Snap Inc. has working on changing its policy since February 2018. However, there are no restrictions to cryptocurrency ads (generally speaking), while crypto-token sales are not anymore allowed to be promoted on Snapchat.
“The move makes Snapchat the latest social media platform to ban ads for cryptocurrency ICOs, an increasingly popular form of raising money by issuing virtual tokens instead of more traditional company shares.”
Being asked by CoinDesk, a representative of Snapchat has confirmed all the rumors on the market. But it did not specify whether the new policy of the company would embrace other crypto-related activities.
Snapchat follows Facebook, Google and Twitter
First company to ban the advertisements for crypto assets and ICOs was Facebook, in January. Last week, Google confirmed the public’s suspicions. Thus, they have mentioned that by June 2018 they will change the company’s policy, including third-party companies that have partnerships with Google, such as YouTube. By the end of last week, another social media giant has announced the rejection of all commercials about cryptocurrency and ICO, namely Twitter.
Their reasons in making the final decision are certainly known to many of you. The primary aims are to eliminate the money laundering, false attacks, identity theft, but also numerous activities including scams.
The agency that has expressed worrying opinions about crypto assets and ICOs was the U.S. Securities and Exchange Commission. They have created a negative image of the crypto industry and its possible negative consequences it can produce. Thus, an announcement stating that many crypto tokens are not considered secured has created an avalanche of negative opinions and suspicions. That’s how the giants of social media are cautious about the platforms’ security.