Email service firm called MailChimp bans ICO & Blockchain related marketing campaigns for cryptocurrencies and initial coin offerings from next month. The reason behind this decision is to prevent the risk of frauds and scams.
Moreover, MailChimp is not the first firm to take such a bold step. Since January, various popular firms including Facebook and Google have changed their marketing related policies.
MailChimp has also decided to take down accounts of those analysts and tech journalists who cover blockchain and cryptocurrency industries.
In Email, MailChimp announced that, “We made this decision to update our Acceptable Use Policy in order to protect the millions of businesses that use MailChimp for their marketing.” A company also wrote on their Twitter wall that,
MailChimp Updated Acceptable Use Policy States:
A company “does not 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.”
According to HackRead blog post, Initial coin offerings (ICOs) are used by startup firms for fundraising as users can contribute cryptocurrency and receive tokens to perform different tasks in the startup systems. Some contributors offer funds only to get listed on the exchange. Some ICOs have already been labeled as illegal by the US Securities and Exchange Commission after it investigated and found most of them to be unregistered securities.
As per the Futurism blog post, Now, it’ll be a hell of a lot of fun to watch that which companies follow MailChimp’s lead and which companies capitalise off of the fact that they nixed this entire segment of people from their platform and go all in on blockchain, sweeping ’em up in MailChimp’s place.