Email distribution company MailChimp will bar marketing campaigns for cryptocurrencies and initial coin offerings starting next month.
In an email sent to a MailChimp customer and obtained by CoinDesk, the company said that it will no longer allow its service to be used for crypto campaigns because they are “too frequently associated with scams, fraud, phishing, and potentially misleading business practices.”
The policy change will take effect on April 30, according to the email.
“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 made a point to note that “we recognize blockchain technology is in its infancy and has tremendous potential.”
The prohibition is reflected in the firm’s acceptable use policy, which was updated on Thursday and states:
“…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.”
The firm – which allows customers to automate email campaigns and is frequently used for marketing purposes – is the latest to put in place a ban on cryptocurrency-related ads. Since January, several high-profile companies have taken similar steps, including Facebook, Twitter and Google. In the case of Google, the policy change won’t take effect until June.
UPDATE: MailChimp said in a tweet that “cryptocurrency-related information isn’t necessarily prohibited,” provided the sender is not selling, trading, storing or marketing cryptocurrencies.