Marketing automation giant MailChimp – a platform in which marketers can plan, produce, and bulk send marketing emails to targeted users – will be banning marketing campaigns for cryptocurrencies and initial coin offerings beginning on April 30.
According to an email sent to a MailChimp customer that was obtained by CoinDesk, the company claimed that due to crypto campaigns being “too frequently associated with scams, fraud, phishing, and potentially misleading business practices,” MailChimp will take precautionary measures to protect their users.
"We made this decision to update our Acceptable Use Policy in order to protect the millions of businesses that use MailChimp for their marketing.”
An update to MailChimp’s acceptable use policy now includes the following excerpt:
"...we cannot allow businesses involved in any aspect of the sale, transaction, exchange, storage, marketing or production of cryptocurrencies, virtual currencies, and any digital assets related to an Initial Coin Offering, to use MailChimp to facilitate or support any of those activities."
While MailChimp provided an update via a tweet stating that cryptocurrency-related campaigns are not wholly prohibited, only campaigns where the sender “isn’t involved in the production, sale, exchange, storage, or marketing of cryptocurrencies.”
However, Twitter has exploded with high-profile users stating that even accounts that are not involved with crypto sales, storage, etc. are still finding their accounts being shut down.
Bitcoin advocate and author Andreas Antonopoulos tweeted about accounts related to books and event announcements in the crypto space have been shut down. News website WeekinEthereum will see its account closed in “four weeks”, and the Twitter account for Cryptocurrency Jobs also confirmed their MailChimp account will be closed as well.
In a warning issued by the FBI’s Internet Crime Complaint Center (IC3), email phishing scams was one of the main sources of crypto-related scams, in addition to other methods such as search-engine advertising. The massive increase in crypto-related scams are what prompted Google, Twitter, Facebook, and now MailChimp from banning crypto-related marketing efforts in hopes of protecting consumers from losing their funds.