The crypto ads restriction from major companies like Facebook, Google, and Twitter drives crypto business owner seeking for alternative ways to reach high potential customers and investors. Local media reports that companies that are trying to raise funds through cryptocurrencies taking a turn to India as Indian agencies offer affordable alternative ways.
Following to the action taken by the giant Internet Company, Google is banning any cryptocurrency-related ads in their search engines, now banning crypto mining extension in their chrome web store. According to a report, any extensions related to crypto mining will be removed from their web store in July.
MailChimp will also prohibit the advertisements on cryptocurrencies beginning from 30th April. The prohibition is in line with the company’s Acceptable Use Policy which reads, “We cannot allow the sale, transaction, exchange, storage, marketing or production of cryptocurrencies.” The tweet by the company affirmed, “Cryptocurrency related information isn’t necessarily prohibited.”
After Facebook and Twitter, now LinkedIn reported joining the cryptocurrency-related advertising banning according to The Independent. These companies took their own policies as a security measurement protecting their users with possible reputational damage even though the regulators haven’t decided any advertising rules towards cryptocurrencies.
The blockchain associations from Russia, China, and South Korea would be filing a class action on the social networking sites banning crypto related advertisements. The Eurasian Blockchain Association (EBA) will be sued the US jurisdiction during May. The president of the Russian Cryptocurrency and Blockchain Association stressed on the monopolistic companies.