Cryptocurrency advertisements have recently surfaced to be the biggest area of concern and controversy. Governments around the world have imposed new sets of regulations over cryptocurrency commercials and advertisements. From the United Kingdom to Spain to Singapore, many countries are now actively discouraging cryptocurrency firms and exchanges from promoting their products and services. As a result, many people are now afraid that these regulations would curb innovation and development in the crypto space. In any market, marketing and portions play a huge role in making a product/service successful.
Crypto firms are now severely restricted in this regard. In Singapore, for example, no crypto ads can be shown or displayed in public spaces. That includes television, social media, print media, and all other common channels of marketing. Similarly, Spain requires crypto firms to present a notice 10 days before launching any ad to make sure it does not have any misleading content.
However, not everyone believes that a curb on crypto ads would be a challenge for the crypto industry. The most prominent entrepreneur with this belief is the founder of Binance, Changpeng CZ Zhao. In a recent interview with CNBC, Zhao said that crypto promotion is hugely based on word-of-mouth marketing. In that respect, curbs on ads in public spaces would not make a lot of difference. He added that Google and Facebook did not allow crypto advertisements for a long time and the market kept growing despite it nonetheless. His words gave renewed confidence to the crypto community that is going through a tough time now.