MailChimp, one of the leading email automation service provider, has just updated their terms of services, banning the promotion of ICOs and cryptocurrencies through its service. The updated policy states that the company “[will 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.” They have also included cryptocurrencies in their “Prohibited Content” section.
When inquired about their sudden decision to go anti-crypto, Mailchimp replied, “[virtual currencies] are too frequently associated with scams, fraud, phishing, and potentially misleading business practices,” and explained they made the “decision to update our Acceptable Use Policy in order to protect the millions of businesses that use MailChimp for their marketing.” The new policy is set to come into effect from April 30th.
MailChimp is yet another company to join, what it seems to be, a new trend for banning cryptocurrency related ads from respective platforms. It all started with Facebook back on January 30, when they prohibited ads that promote binary options, initial coin offerings, and cryptocurrency. Quickly following Facebook, the micro-blogging website, Twitter, also updated their Restricted Content Policies, and banned the promotion of financial services and related content, explicitly outlining “cryptocurrency ICOs” and “Cryptocurrency token sales.”
Following the social media companies, Google also announced that they are planning changes to their policies involving advertisement of financial products. As stated, the policy will see ads about, “initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice,” becoming blocked and won’t be served to viewers. Google’s change in policy is set to come into effect by June.
All these previous bannings of crypto-related ads from their respective platforms also cited the same reason that ICO scams and crypto related malpractices are getting out of hand, and the step has been taken for the safety of the users of each respective company.