30 Mar Crypto marketing gets tougher as Facebook, Google ban cryptocurrency ads
Industry’s advertising giants, Facebook and Google have decided to ban all the cryptocurrency advertisements including initial coin offerings, cryptocurrency exchanges and cryptocurrency wallets. Both the companies said that they are taking this decision as a caution against all the misleading advertisement.
The actual issue
In the ocean of the cryptocurrency market, it is indeed difficult to tell which cryptocurrency is legit and which isn’t. A few months ago, Facebook and Instagram erupted with users saying that most of the coins on the platforms were fake and were created with the sole intention of stealing their money. Therefore taking note of users’ concerns, Facebook and Google have decided to ban all the Bitcoin and cryptocurrency related ads. It is lamentable that all the crypto organizations are suffering just because of a few rotten apples. Here is a snapshot of Facebook’s new mandate which says that it is going to ban financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.
Having said that, these-ad bans won’t actually affect more established, larger cryptocurrency business as much as they will affect smaller ones. A lot of new organisations use Facebook and Google advertisements for reaching out to more number of people. It will now be difficult for a crypto-currency startup to get funded via an ICO. Also, for other cryptocurrency related businesses like crypto exchanges and wallets, ad-ban is a bad news. However, blockchain startups can still advertise their products on Google and Facebook provided they do not mention anything about ICOs, wallets and tokens.
Recently, even Twitter has joined Facebook and Google to announce that it will be banning private ads for cryptocurrency sales and ICOs. This move is well-accepted by larger cryptocurrency organizations since they think that it will help in removing a lot of garbage. After all, Google, Facebook and Twitter want a better browsing experience for their users and established cryptocurrency companies want legitimacy in financial activities.
Though Internet giants like Facebook and Google have banned crypto ads, there are some platforms that still allow them. Microsoft, which currently owns the search engine Bing, is currently the biggest ad platform that allows ads related to cryptocurrency. In 2017, the company earned around $7 billion in ad revenue. Microsoft-owned LinkedIn has decided to ban ads related to the sale of virtual currency.
What’s next for Crypto marketers
At one side, the crypto industry is already struggling due to bearish market sentiments and further, ICOs are finding it tougher to meet their funding goals due to blanket bans on majority of advertising avenues. This leaves crypto marketers with just one reliable and time-tested formula to get the world notice newly launched blockchain projects, Digital PR.
Digital PR offers great scope of detailing innovative blockchain projects and its future possibilities through editorials on trusted publications. In fact, authentic crypto projects, marred by tons of scams by shoddy projects/scammers, are facing trust deficit among their supporters and investment fraternity. Effective Digital PR is currently the best option for Crypto startups to regain trust and get people investing or supporting their authentic projects.