Cheddar, a news portal, published statements made a spokesman from Snapchat in which he affirmed the social network had decided to ban all the adds on the platform related to the initial coin offerings (ICOs).
According to Cheddar.com, Snapchat has been implementing these restrictions since last February, but it has allowed the ads generally related to the cryptocurrencies. It is possible the new restrictions will only affect the ICOs and not the rest of the ads related with the cryptocurrencies.
Even though there is still no official statement from Snapchat regarding the ban, a few hours after the news was published, a representative of Snapchat confirmed the news, but did not provide any details about it. It still remains unknown whether the ban will affect other types of cryptocurrency ads besides the ICOs.
With this move, Snapchat will join the growing group of social networks that decided to ban the ads related to the ICOs. A few days ago, Twitter also decided to ban the ads related to the ICOs on its platform, as well as the ads about token sales and some ads related to the cryptocurrencies. This news caused a lot of stir in the cryptocommunity because Twitter is an important part of the community, where the majority of announcements and discussions in the blockchain ecosystem are taking place.
Likewise, Google also decided to restrict the ads related to the ICOs and cryptocurrencies on its search engine, just like Facebook and Instagram. These two social networks blocked this type of ads on their platforms more than one month ago.
The list of social networks that decided to ban or block the ads related to the cryptocurrencies or ICOs is growing. Snapchat has around 187 million users, Twitter has 330 million users and Facebook has around 2.1 billion users, which means a large number of users will not be seeing this type of ads, meaning the cryptocurrency market will be affected by these measures.