Recent restrictions on cryptocurrency-related advertising by Twitter, Facebook and Google have generally been met with a positive opinion regarding exactly how this ban will affect users.
Questions are now being asked by cryptocurrency pundits as to the effectiveness of the ban, many proposing that this may open the field for more reputable blockchain companies to take advantage of the big three’s withdrawal. Twitter has cited the “safety” of its community as the reason that they are to impose their new advertising restrictions. Until recently, any ICO has been free to advertise across the internet, of which many have proved to be either fraudulent or, at best, unsound investments.
Another issue for search engines and social media has been the legal liability of these companies, not helped by SEC cryptocurrency regulation which has often lacked clarity regarding cryptocurrency advertising.
Although Blockchain companies generally support the ban, much speculation exists regarding the big players’ new advertising regulations. Tatiana Moroz, founder of Crypto Media Hub, thinks higher quality interactions will be one possible positive result. She feels that the absence of crypto marketing on search engines and social media will bring about more significant partnerships forged through community building and relationships.
There is much debate within the industry regarding where advertising should place ads and indeed exactly where customers expect to see them. Cointalk writer Jay Kang cites the ideal future for cryptocurrency as a world which creates “…an atmosphere where you can make a good faith investment in a project because you think that project and potential…and it is not going to be overrun by scammers”.
Forbes agrees with such views, claiming that top cryptocurrencies such as Bitcoin and Ethereum are now so well known that they don’t depend on advertising. Their view is that new restrictions don’t mean that cryptocurrency is going away, but to the contrary, will strengthen as a result of get-rich-quick schemes and scams being weeded out in a stronger, more reputable market.
The Google ban will become effective by June 2018.