Snap Inc. has banned advertising of Initial Coin Offerings (ICOs) On its Popular messaging app "the Snapchat app." This was reported by Cheddar on Monday, quoting a company spokesperson.
Snapchat follows Google and Facebook, which discouraged crypto ads earlier this year.
In contrast to Facebook and Google, Snap's ban is confined to ICOs, and does not apply to other kinds of cryptocurrency ads, the spokesperson was quoted as saying.
Snap's crypto ICO ban has been in effect since early February, Cheddar reported.
Amid concerns over illicit activities and regulatory actions, Google, the world's largest online ad provider, last week had announced that it was prohibiting ads promoting cryptocurrencies and related content including ICOs, exchanges, and wallets from June.
Facebook Inc., the second largest ad provider, had taken a similar stance in January. It banned all adverts promoting cryptocurrencies after the significant growth in adverts for cryptocurrency-related investments, most of which were feared to be scams.
Twitter is reportedly planning to announce a similar ban in the coming weeks.
Sky News reported that the social media platform may ban ICO ads globally, including most of cryptocurrency exchanges, token sales, as well as cryptocurrency wallets. The company is expected to implement the new advertising policy in two weeks.
Advertising on social media had been getting high mileage for cryptocurrency ICO, which is an increasingly popular form of raising money by issuing virtual tokens instead of more traditional company shares.
Snap Inc. had suffered a negative impact on its stock last week after running an ad that makes fun of pop star Rihanna's past episode of domestic violence.
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