Prohibition on cryptocurrency can be considered as the great move by the Google, Facebook, and Twitter. This may tackle scammers using cryptocurrency ads to promote their illicit online systems. In fact, a ban on cryptocurrency ads will have no longer effect on legitimate crypto businesses.
Recently, the two giant online advertising platforms Google and Facebook prohibited cryptocurrency or initial coin offering related ads. Later, hyping news encountered stating that Twitter will also ban the cryptocurrency ads, following the footsteps of Google and Facebook.
There is a dense motive that triggered the prohibition: worldwide scammers are successfully milking millions of dollars by executing false pretenses and promises.
However, the cryptocurrency space is a flourishing new economy; such an encircling ban will assuredly shake some of the legitimate cryptocurrency businesses.
The new emerging blockchain technology is the massive thing in finance, and blockchain Uber and Airbnb are already being planned. Absolutely, you will be trouble to determine an industry that blockchain-based is not aggressive to disrupt. Definitely, all the businesses do not fall under scam category.
But, why cryptocurrency related ads are banned on the internet’s major platform?
CEO of cryptocurrency IRA company CoinIRA, Trevor Gerszt said Mashable that
“It is frustrating that companies like Coin IRA who offer legitimate investment products and have done everything we have to do to be in compliance are punished along with nebulous ICO schemes.”
Further, he claims
“Ad bans won’t affect larger, more established, and more reputable cryptocurrency businesses as much as they will affect smaller businesses who are looking to use advertising to gain greater name recognition.”
The prohibition may affect cryptocurrency startup to get fund via an ICO. Additionally, the crypto ad bans news may greatly impact the crypto-related businesses including crypto exchanges and wallets.
Google spokesperson said,
“Our new policy applies to the advertisement of cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice). This will include ads for aggregators and affiliates for cryptocurrencies,” but the policy “will not apply to other blockchain technologies that are unrelated to cryptocurrencies and ICOs.”
Remarkably, several crypto related companies stand with the ban on cryptocurrency.
CrowdfundX CEO Darren Marble says that the scammers and con artists are the only frustrating individuals for Twitter’s purported ban on Crypto ads. Along with relationship-based, a large amount of money is raised in ICOs. And the most genuine issuers are well associating with dynamic crypto and blockchain funds. The ban on advertisement of cryptocurrency is an actual positive charge for the ecosystem. Also, eliminate the scams for the crypto market.
CEO of Delta, Nicolas Van Hoorder said in an e-mail that giant internet industries Twitter, Facebook and Google need an enhanced ad experience for their consumers, and the cryptocurrency community needs legality as a financial market.