The State of Crypto Ad Ban
From social media leaders Facebook and Twitter to search engine giant Google have banned ads on their platforms that are related to cryptocurrencies and initial coin offerings (ICOs).
The rising popularity and increased public interest in virtual currencies has led to more scams and frauds. The big tech companies have used this reason to ban ads related to cryptocurrencies. But regulatory heat form U.S. Security and Exchanges is another factor.
The ad-banning has also contributed to the downward trend in cryptocurrency prices.
Despite of scams and fraudulent offerings, there are many currencies and ICOs that are legitimate. Tech companies, however, think that the negative aspects outweigh the benefits. Many people know little or nothing about cryptocurrencies. Considering that, a ban is a good thing. And, it protects people.
On the other hand, legitimate companies find it too hard to market initial coin offerings and to garner investors. Most ICOs are open to the public and require a tiny minimum contribution, encouraging people around the globe to participate. But the ICOs are not adequately regulated, and there is a lot of uncertainty still floating around.
Facebook’s Partial Ban-Lift
From 26 June 2018, Facebook is allowing pre-vetted advertisers to post ads on cryptocurrencies. But the statement said that initial coin offerings and binary options are still banned. Read more about it here.
Facebook’s decision might be followed by other tech giants.
With cryptocurrencies and blockchain tech, there is more confusion and uncertainty as much as they are technological breakthroughs.
It has been almost a decade after the Bitcoin’s invention. But still, there are a lot of things to get settled. Few countries like Japan have been adopting the new tech and currencies well. On the other side countries like India are struggling to form a proper regulation.
Do you think all other social media giants will unban the crypto advertising? Please comment below.