While Facebook and Google have led the charge in blocking both cryptocurrency and ICO advertisements across their core platforms, Snap Inc – the company behind Snapchat – has now disclosed that it has made a similar move.
The company has confirmed that, since early February, it has increasingly restricted the presence of ICO advertisements but has continued to allow marketing that broadly depicts cryptocurrencies.
At present, the popular messaging service has not disclosed if it has plans to broaden its policies to blacklist all cryptocurrency advertisements, or whether it plans to simply target ICO marketing for the foreseeable future.
Though the company has not revealed the broader context behind its move, Snapchat continues to service a healthy millennial population – and a recent study by the North American Securities Administrators Association determined millennials themselves were most at risk of falling victim to fraud from fintech-related products.
Social media crackdown
In early January, Facebook kicked off something of a trend by banning all cryptocurrency advertisements on its core platforms. Subsequently, no advertiser – whether legitimate or not – is now able to issue promotions for cryptocurrencies such as Bitcoin, or punt new ICOs on Facebook’s core services.
Advertisers who violate Facebook’s new policies will be banned on Facebook’s core app, Instagram, and the company’s Audience Network – which deploys advertisements on other platforms.
Similarly, Google has elected to issue blanket censorship over advertisements pertaining to ICOs, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice on its advertising platforms.
While Twitter, at present, has only moved to ban cryptocurrency accounts associated with dubious activity or confirmed scam operations, the social media network is reportedly considering a full-blown ban on all cryptocurrency-related advertising that would come into effect within the next two weeks.
A recent report claimed that the micro-blogging service would soon implement a new advertising policy that “ stands to prohibit advertisements for Initial Coin Offerings (ICOs), token sales, and cryptocurrency wallets globally.”