Have you seen lesser cryptocurrency related ads on your social media?
There’s a reason for this.
Cryptocurrency ads are slowly being banned on our ad spaces, this can be a good thing for you crypto non-believers, or you’re an ad block advocate.
Facebook started this as a new year resolution and banned the ads on anything crypto related in January.
How I realised that was, our simple article on blockchain games was not allowed to be boosted because of the word crypto in cryptokitties and cryptocelebrities.
So why is Facebook banning something that will probably bring in more interaction among users, and rumours that Facebook is launching their own coin?
According to the blog post, crypto and initial coin offerings (ICO) are considered as “financial products and services frequently associated with misleading or deceptive promotional practices.”
Pretty bold statement considering that the ASOS shirt on my ad feed is actually out of stock but still being promoted.
However, Facebook ain’t the only one on this, other big digital ad platforms have joined in.
Social media in China has banned crypto ads as well, with Alibaba, Baidu and Tencent advocating the ban.
All these came about after The People’s Bank of China (PBOC) bans fundraising in crypto, which lead to searches for crypto-related terms resulting in only news and articles.
Google joined in as well, and this is pretty big because it is the top search engine and also the top digital ad platform with the highest revenue from ads.
The ban will begin in June 2018 and “cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)” will be affected.
This means that crypto companies are shut out of 70 percent of the world’s digital ad market, reported by Recode.
So right now, Microsoft/LinkedIn, Twitter and Snapchat are still up for crypto ads.
However, Snapchat bans ads on ICO, but other related ads are still okay.
There’s also buzz around Twitter banning crypto related ads and ICO soon as well.
There is no concrete evidence of that yet but the rumours are being reported everywhere, so we will be keeping a close eye on that.
But all is not entirely lost for crypto advocates and companies, ad related to the industry can still be promoted such as equity seeking articles as discovered by Recode.
Also, ads can still be run on specific websites that cater to the desired crowd.
So what this all means?
Bans being set up indicates that something is clearly causing negative implications for the users and creating a bitter taste among users.
We all know cryptocurrencies are not regulated because it is still relatively new and that’s the whole idea of its existence.
Also, we’ve probably heard fraud and scams happening with crypto and their users.
Hence it is nice to see that these big digital ad companies have their loyalty towards their users and regulating and stopping such scams from happening.
It also shows that regulation is happening with a proudly no regulation industry, so what does it mean then.
It brings in the question of is non-regulated spaces be useful for our society and the benefit for all?
There are benefits of this new age technology, but I think there are many that might still be sceptical towards crypto and the real benefits of it for our society.
Technology can be daunting, and when we are seeing people hurt by the technology we’ve intended for good, something has to be done, but with it being unregulated, who has the responsibility of preventing negative implication on its users?
Or who is willing to take the responsibility?
Warning: Buy Now, Pay Later racks up Debt nearing $1 billion over the coming Christmas holidays.
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