Social Media Giant Snap Confirms It's Banned ICO Ads

Snapchat just became the latest social media giant to ban ads for initial coin offerings (ICOs).

Cheddar reported Monday that parent firm Snap Inc. has been quietly implementing the policy since February – restricting only advertisements for crypto-token sales, while allowing those related to cryptocurrency more generally.

When asked by CoinDesk, a company representative confirmed that Snapchat is indeed prohibiting ICO ads, but did not comment on whether it plans to expand the ban to other crypto activities.

So far, though, the firm's stance is relatively lenient compared to other social media giants. In January, Facebook banned most ads and promoted posts related to cryptocurrency, including grassroots technologies like bitcoin. Meanwhile, Google announced last week that, from June, it will also ban cryptocurrency ads, including on subsidiary platforms such as Youtube.

Twitter is reportedly about to crack down on ads too. Though yet to be confirmed, the ban is expected to affect cryptocurrency wallets, exchanges and ICOs, with some exceptions.

The micro-blogging service is also working to target scam and misinformation accounts that have been plaguing the site in recent months. During the effort so far, some community thought leaders and official company accounts also found themselves restricted by mistake.

The recent moves to block crypto ads on social media come amid stern warnings on ICOs from the U.S. Securities and Exchange Commission, which has suggested many crypto tokens could be considered unregistered securities.

Snapchat image via Shutterstock