Home News Reddit Has Been Clamping Down on Cryptocurrencies Since 2016

Reddit Has Been Clamping Down on Cryptocurrencies Since 2016

March 15, 2018 13:45
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Long before Google and Facebook started cracking down on cryptocurrency and Initial Coin Offering (ICO)- based advertisements, Reddit had already been doing it since 2016.

According to a news report by Vice’s Motherboard, Reddit without any announcement or prior notice started quietly removing cryptocurrency and ICO-related advertisements since 2016. As per a mail to the news portal, a reddit spokesperson said, “Ads for cryptocurrencies and ICOs have not been allowed on Reddit since early 2016. Sections II.5 and II.6 of our advertising policy prohibit ‘improbable, or unsubstantiated financial products and services’ and ‘the promotion or advertisement of single securities or other tradeable financial assets.”

The sub-reddit in question, titled ‘Reddit is following Facebook and blocking any kind of cryptocurrency advertisements’ said, “This email is to inform you that your creative ArbiSwap Ad has been rejected under campaign My Ad Group for the following reason: Reddit does not permit the promotion or advertisement of single securities, other tradeable financial assets, or financial advising. This includes, but is not limited to: websites that promote cryptocurrency pre-sales, token/ICO sales and websites that offer financial advice.”

The spokesperson added, “We didn’t make a dedicated announcement about this,” the spokesperson added, “instead, [we] have been enforcing our existing policies since they were enacted.”

In marked contrast, Facebook and Google sent out announcements to companies stating they would not allow any cryptocurrency-related advertisement. Rob Leathern, Product Management Director had said, “We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”

Google, as part of its Adwords Financial Services Advertisement Policy curbed such advertisements including contracts for differences (CFDs), rolling spot forex and financial spread betting, all of which are high risk financial products meant only for professional investors.

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