Snapchat Also Bans ICO's Advertising; Follows Google And Facebook

Today, a Snapchat spokesperson announced the measure of banning all Initial Coin Offerings (ICO) ads in their app and platform, according to Cheddar. They also announced that other crypto ads would remain, like the ones advertising wallets and exchange sites. This is a far more flexible approach that the one other companies have had. This effectively bans ICOS advertising presence from the three great social pages (Facebook, Twitter, and Google).
Earlier this year, Facebook already banned all Crypto related ads, modifying its Terms of Service agreement. Also, Google announced last week that it would prohibit ICO and all crypto ads from its advertising services starting next June. And this week, Twitter also announced that it would follow the steps of the two other by halting all ads about cryptomarket and cryptocurrencies from its platform.
As we said before, companies are trying to protect themselves (and users) from possible future lawsuits coming from supporting fraudulent ICOs or supporting money laundering operations. Truth be told, this matter is still a grey area in regulation, with only a hearing being held by the house to try to understand how ICOs (and cryptocurrencies in general) works. This would, without a doubt, decrease the revenue of this kind of services. Snapchat, especially, funds itself from revenue coming directly from consumer interactive advertising.
ICO regulation, to stop this kind of wait-and-see measures should be coming in the next months. The SEC, the financial USA watchdog has already set precedent by declaring that some of the tokes offered by ICOs can be considered as securities, something that is often criticized by experts and crypto traders. So, ICO’s are in a strange limbo, yet people are still pouring money into them, not so much by the utility that the said ICO offer for any application, but by the opportunity to gain profit by trading those tokens.

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