After all the anticipation of Google banning ICO Ads, it is now time for Snapchat to do the same. According to the latest news from Cheddar, Snapchat Inc. has banned Initial Coin Offerings [ICOs] advertising in their app yesterday.
This is the latest social media app to fall in line by stopping Ads for digital currency ICO’s which is an inclining famous form of money rising. This is done by issuing virtual tokens as a replacement to traditional company shares.
Facebook, one of the most popular and oldest social media platform had banned all ads too earlier this year. They still allow crypto related educational ads on their social media.
Google was the most recent to ban the ads, a week ago, while Twitter is still planning to follow the others by banning ads according to reports.
According to a spokesperson from Snapchat, this ban is contradictory to Facebook and Google because Snap’s ban has been effective from early Feb and is exclusive of other crypto related ads. Further details regarding the ban on all type of crypto ads were not revealed by the spokesperson. There is a possibility that Snap will ban all types in the future.
These ICO’s have made a lot of companies’ billionaires last year but the proliferation of quickly raising funds or capital has driven the SEC towards conducting a sweeping probe reportedly. The North American Securities Administrators Association surveyed recently and found out that millennials were facing the maximum risk of playing victim to hackers and frauds from financial tech-related services and goods.
Snap is under pressure from traders and investors to continue growing its ad business despite mounting competition from Instagram (Facebook-owned). The company was in light recently for permitting an ad that posed a question to its users if they would rather slap Rihanna or punch Chris Brown? This had crashed Snaps market value by almost $800 million as Rihanna criticized the company.
Frank Berley commented on a forum:
“A good decision by another huge social media app. ICOs advertising should be banned like in every possible place. Screw it, and kick those ads out. It is better if Twitter takes a quick action for this too before they end up in a loss.”
The post Following Facebook, Google & Twitter, ICO ads banned on Snapchat appeared first on AMBCrypto.
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