The crypto industry began in an online forum. Back in the day, the platform gave Satoshi Nakamoto, the creator of Bitcoin, a platform that helped him reach out to the world and promote his creation. What started off as an idea is now revolutionizing the global economy. This is the power of the World Wide Web.
The internet has been able to boost the growth of cryptocurrencies, it has also been used against it. The tech giants that provide various internet-related services have often contributed to the on-going battle against the crypto industry.
Last year, social networking giant Facebook, updated their advertising policy to prohibit ads that “promote financial products and services that are frequently associated with misleading and deceptive promotional practices.” According to the company, these included ads related to cryptocurrencies.
A similar move was followed by Google, as it cracked-down on cryptocurrency-related advertising right after Facebook made its move. The company updated its financial services-related ad policies to ban any advertising about cryptocurrency-related content, including initial coin offerings (ICOs), wallets, and trading advice.
Google’s director of sustainable ads, Scott Spencer, had said:
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumers harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
While both the parties revised their ad policies and lightened up on cryptocurrencies a few months later, recent reports state that YouTube is now cracking down on crypto-related content.
Several popular YouTubers have reported that starting December 23, the video streaming platform has been removing several cryptocurrency-related contents while giving warnings and “strikes,” that prevent the content creators from producing new content.
Chris Dunn and Node Investor were reportedly among the first to report the problem. Chico Crypto, notable for this involvement in Cardano’s cancelled MMA fight, was also affected. The Crypto Lark, Ivan on Tech, Crypto Tips, and dozens of other channels have also received notices.
The host of CNBC’s crypto trader Ran NeuNer thinks this move would be quite damaging for the crypto community. He said:
“YouTube deleting all Crypto content is a MASSIVE blow to the industry. YouTube is the go to place for educational video and the first port of call for new people entering the eco system to learn the basics. As a community we should challenge this formally.”
Another popular crypto-tech based YouTube content creator Boxmining said that he’ll put all his videos in private mode to avoid getting his channel deleted.
Changpeng Zhao, CEO of popular crypto exchange Binance said it was time for the community to move towards “its own blockchain-enabled sensorship-resistent social media platform.”
So far there hasn’t been any official statement from YouTube but many believe that the company is deliberately cracking down on cryptocurrencies. Some say this is the result of an overactive algorithm, and that YouTube might reverse its decisions in the future.
Like Google and Facebook, if YouTube doesn’t roll back these changes, it could pose serious damage to the crypto industry.