Snapchat is the latest to follow in the same footsteps as Google, Facebook and Twitter and has banned ICO adverts. This move was pretty inevitable given the other bans. There is a lot of negative attention surrounding ICO’s and they are very loosely governed.
Not much has been said on how strict these bans are, unlike Facebook, which is on a much broader scale, targeting ‘misleading and deceptive ad practices…including ICOs and cryptocurrencies that currently aren’t operating in good faith.’
Perhaps the strictest ban comes from Google though, who is not going anywhere near cryptocurrencies. This includes, ICOs, digital wallets, Bitcoin exchanges, and cryptocurrency fuelled trading advisors. Scott Spencer, Google’s director of sustainable ads spoke of the ban which is due to take effect in June, said;
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
Snapchat recently had an overhaul as it is, which saw a 40% jump in ad revenue, taking it to $281 million at the end of 2017. However; they recently suffered a setback when it inadvertently approved an inappropriate ad, featuring Rihanna and Chris Brown, and lost nearly $1 billion USD because of it, as people felt that it was insensitive to domestic violence.
Facebook has also suffered recently, from a suspected security breach, where personal data of users was misappropriated. Just like Snapchat, Facebook lost a lot of money from this, and the company’s size plummeted by a whopping $40 billion USD.
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