Email Service Mailchimp Set to Shut Down ICOs and Crypto-Related Marketing

Marketing automation platform Mailchimp has announced that it will shut down all accounts related to cryptocurrencies, including Initial Coin Offering (ICOs) exchanges, news, books, events, and announcements.

The email distribution platform said that starting from next month, all marketing campaigns related to cryptocurrencies will be barred.

The announcement was made to customers through an email which has so far been obtained by CoinDesk. The company said that it will no longer allow its services to be used for crypto-related activities as they are associated with scams.

We will no longer allow our services to be used to market crypto related aspects because they are too frequently associated with scams, fraud, phishing and potentially misleading business practices,

-Reads part of the email.

According to the email, the new changes will come into effect on April 30th. “We made this decision to update our Acceptable Use Policy in order to protect the millions of businesses that use MailChimp for their marketing,” the email added.

The company also said that it recognizes that blockchain technology is in its infancy and has tremendous potential.

Following the announcement, the company has since updated its acceptable use policy stating that it does not allow businesses involved in any aspect of sale, transaction, exchange, storage, marketing or production of cryptocurrencies, virtual currencies and any other digital assets related to ICOs, to use MailChimp to facilitate or support any of those activities.

Pressure From Authorities?

MailChimp, which allows customers to automate email campaigns and is mostly used for marketing purposes, is the latest tech-based company to effect a ban on crypto-related ads. Since the start of of the year, several tech based companies such as Facebook, Twitter and Google have announced a ban themselves.

The latest move by MailChimp has baffled many crypto enthusiasts, in terms of whether the company has succumbed to pressure from authorities. Other companies like Facebook and Google have previously announced being under pressure from government authorities like the FBI, to ban crypto ads.

Widespread Condemnation From Crypto Users

MailChimp’s move to ban crypto related ads has attracted widespread condemnation from crypto users. Cointelegraph reports that industry expert and Bitcoin advocate Andreas Antonopoulos has said that the move was effected because of pressure from above, and represents the exact reason that blockchain is needed to deal with the central capricious power.  

Evan Van Ness of the Week in Ethereum also confirmed to Cointelegraph that their account is being closed in four weeks. He said,

MailChimp is closing our account in four weeks because they hate blockchains,

There is no doubt that the move has angered many crypto users who have been using MailChimp for different crypto-related activities. It is expected that more condemnation will come as the news sinks in.

Do you think MailChimp was justified in banning crypto related ads? Did it succumb to pressure from authorities? Share your thoughts with us in the comments section.