Linkedin joins a long list of companies that have banned cryptocurrencies. Earlier social media platforms like Google, Facebook and Twitter had spoken out and taken actions against crypto advertisements. Some platforms have implemented blanket bans on crypto and blockchain technology where some platforms like LinkedIn have selective bans on it.
It is almost ironical that companies like Facebook site reasons like concern for their customers safety. We know with the new revelations that in fact they had no concern for the safety of their concerns as they gave their data to third party companies for personal profits. There clearly is another motive to all this.
Microsoft has added that they are constantly reviewing their privacy policies with respect to the dynamic changes in policies and events around the world.
Presently, cryptocurrency companies have been effectively shut out of 70 percentage of the world’s digital as markets. Top ten digital ad markets are Google and Facebook ($84.7 billion), Facebook and Instagram ($48.9 billion), Alibaba ($24.4 billion), Baidu ($11.2 billion), Microsoft and LinkedIn ($8.2 billion), Tencent ($8.1 billion), Oath ($4.8 billion), Amazon($3.4 billion), Twitter ($2.2 billion) and Snapchat ($1.4 billion). Out of all these companies only Snapchat is allowing crypto ads right now while LinkedIn’s situation is in a gray area.
A few days ago, in the G20 summit countries failed to agree on any specific policies related on regulating cryptocurrencies. Now companies are taking upon themselves to take regulations in their own hands. These companies have been accused of forming cartels to organize a war against cryptocurrency as cryptocurrencies have the potential to shake up the entire structure of these centralized social media application.
Despite all these bans, Crypto supporters still say that these bans will not have any much effect on the popularity of cryptocurrencies and will only energize the users to fight harder for decentralization.