Business

Gerald Fenech

MailChimp bans cryptocurrency, ICO promos on its network

Popular mass mailing platform MailChimp is the latest to jump aboard the bandwagon of companies banning cryptocurrency and initial coin offering (ICO) related promotions. This latest news is another shot to the whole cryptocurrency sphere following the announcements made by Facebook, Google and Twitter, which have also banned similar advertisements across their networks.

Last week, MailChimp officially banned blockchain and ICO-related accounts that send out newsletters promoting cryptocurrencies and token crowdsales. On its legal policies page, the email marketing service stated: “…we cannot allow businesses involved in any aspect of the sale, transaction, exchange, storage, marketing or production of cryptocurrencies, virtual currencies, and any digital assets related to an Initial Coin Offering, to use MailChimp to facilitate or support any of those activities.”

The reaction to MailChimp’s ban was slightly ludicrous from some users who even took to reading the riot act on Twitter in a bid to gain attention. A representative told Futurism that MailChimp would be taking a closer look at some of the outlandish claims made by such Twitter users.

However, it’s worth noting that only emails that promote ICOs or other cryptocurrency trading schemes are banned—talking about cryptocurrencies is still allowed.

The mass-email service pointed out that the promotion and exchange of cryptocurrencies is more often than not associated with scams, phishing, fraud and business practices that are usually misleading and fraudulent at worse. MailChimp further added that it will allow dissemination of reports by journalists and writers in the cryptocurrency sphere as long as these are not involved directly in investments or the marketing and sale of cryptocurrencies or ICOs.

MailChimp noted that it recognized the fact that blockchain technology is still in its infancy and can definitely be used as a force for good. However, all the recent scams regarding ICOs and other cryptocurrency frauds and hacks have given a bad name to the industry as a whole and MailChimp does not want to be associated with this. However, it seems that the media have not been too keen over MailChimp’s selective stance with a lot of criticism coming out in the blogosphere.

With the first quarter of the year having been an absolutely disastrous time for all cryptocurrencies which saw losses of close to 90% in some cases, such moves definitely do not assist the industry in any sort of revival. It remains to be seen if other companies follow MailChimp’s lead in this regard.

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