Snapchat has joined the likes of Facebook and Google to announce bans on cryptocurrency and ICO related ads. The company spokesperson said that the policy had been in effect since February when they started screening off ICO ads albeit at an unofficial level.
The move comes on the heels of anticipated regulations that has seen Facebook ban the ads in February while Google recently revealed that they would extend bans on cryptocurrency related ads by June when their new ad policy will be rolled out.
Twitter is rumored to announce their own ban soon as the micro blogging platform has also been hit with fake accounts associated with ICOs. They already set restrictions on some suspected fraudulent accounts but some users are complaining that limits have been placed on their accounts inadvertently. The Twitter ban is expected to affect coin wallets, ICOs and exchanges.
Snap Inc. the parent company of Snapchat announced that they had been restricting ads associated with crypto tokens since last month while permitting other crypto related ads to run.
Internet based ad platforms have been distancing from ICOs and cryptocurrency related ads in the wake of proposed regulations, not wanting to be on collision course with agencies such as SEC.