The email marketing software MailChimp announced Thursday that it would block campaigns related to cryptocurrency marketing and initial coin offerings in order to reduce fraud.
On Thursday, MailChimp emailed users announcing that the new change to its acceptable use policy would be implemented beginning April 30 in order to protect customers from “scams, frauds, phishing, and potentially misleading business practices” associated with cryptocurrency marketing and ICOs, according to CoinDesk.
After sending the initial email, MailChimp clarified on Twitter that it would not ban all content related to cryptocurrencies. “As long as the sender isn’t involved in the production, sale, exchange, storage or marketing of cryptocurrencies,” MailChimp said, users can continue to send emails about cryptocurrencies.
Journalists and other news reporters will still be allowed to send information related to cryptocurrencies and ICOs, but content marketing the material won’t be allowed.
MailChimp joins platforms like Facebook, Twitter, LinkedIn, Snapchat and Google in banning ads related to cryptocurrencies. All the companies have cited the same reason for blocking ICO and blockchain technology: the risk of scamming investors who don’t understand what they’re reading.
The technology has been targeted by critics as a tool for otherwise-illegal transactions to take place. In addition, the new technology has posed a challenge for investors who don’t understand blockchain technology, making it a convenient ploy for scammers.
Multiple MailChimp users took to social media to protest the decision, arguing that the decision is a form of censorship for users trying to promote blockchain technology, according to Futurism.
The company has a large platform to work with – more than one million marketing emails using an email template builder are sent daily through MailChimp. In a statement to Gizmodo, MailChimp said it doesn’t oppose blockchain technology, which it described as “in its infancy” and with “tremendous potential.”
Earlier this year, MailChimp announced that it would shut down any accounts related to ICO and blockchain activity, according to CCN.
Cryptocurrency groups based in Europe and Asia have announced plans to sue Google, Facebook, Twitter and other major platforms that have enacted bans on blockchain advertising, arguing that the organizations were collectively manipulating the market by banning the advertisements.