The list of platforms to ban cryptocurrency ads keeps getting longer. Mailchimp, the world’s biggest email marketing service providers, became the latest company to join the list, citing unwarranted fraud, scams, phishing and potentially misleading business practices as their reason to do so.
This ban was a step up to a previous policy, enacted in February 2018 which took on accounts related to Initial Coin Offering. The new development in the previously enforced policy will outright ban any sender promoting ICOs, all cryptocurrencies, blockchains and other decentralized products. The statement made by MailChimp was “We cannot allow businesses involved in any aspect of the sale, transaction, exchange, storage, marketing or production of cryptocurrencies, virtual currencies, and other digital assets related to an ICO, to use MailChimp to facilitate or support any of those activities.”
This is another bad news to an already anxious industry, as the price of bitcoin has dropped below $7,000 USD and other cryptocurrencies taking a fall too. These prohibitions and restrictions have been forcing the crypto market to take a nosedive as the public trust in the technology falls.
After a public outcry on a ban that resembled censorship, MailChimp were forced into making a statement which said that discussion on Cryptocurrency is still allowed on their platform, as long as the sender is not involved in the production, sale, exchange, storage or marketing of cryptocurrencies.
However, ardent crypto enthusiasts have come to its defence quoting “This is what capricious power looks like.” as the reason. If anything these bans make their sympathy for decentralised network even stronger. People are invigorated more than ever before to remove centralized authorities from positions of power. Even industry associations in various countries are planning to sue these tech giants to cartelisation and colluding against cryptocurrencies.