It seems like the Internet has ganged up against the Cryptos and have sought after banning the advertisements. The reason behind this is the increasing concern of reputational risks if the users are tricked or left with no money. The regulators all over the globe are struggling to put into force, a suitable framework and meanwhile, the Internet has decided to block the Crypto ads for the time being.
The Crypto Industry has made a humongous growth and gained immense popularity over the past few years. Billboards, Social media promotions, advertisements have been doing a great job of raising the money through ICOs.
Even though, the regulators have lessened their warnings, the legal sectors are still on the process of deciding the framework of the digital currency Industry. Hence, the companies have decided to take matters into their own hands. “If internet companies were not already under pressure from regulators for their loose control of data privacy, they probably would not ban advertising from cryptos, which are still a gray area for many regulators,” said Mr Arnaud Masset,an analyst from Swiss quote Bank.
Snapchat banned advertisements on ICOs in February for the lack of transparency. In Asia, various outlets are also banning the Crypto advertisements. Chinese Internet dominators Baidu, Tencent, and Weibo have blocked the ads on Cryptocurrency.
Japan’s television advertisements on Cryptos got lessened and billboards having digital coin ads got replaced.
Line, one of Japan’s mostly used socializing apps,have taken the stance to block crypto ads for customer security.
Japan’s financial regulators has ordered the Industry to work on their advertising rules. However, it hasn’t suggested any particular protocols which it wants to see. An association from Japan stated that it is only reviewing the rules with the changing situations and work in accordance with the law and increasing demands.