YouTube, one of the leading video-sharing social media platforms, has started to remove cryptocurrency content from some of the biggest influencers in the industry. YouTube crypto channels are reporting on censorship of crypto videos. Why is Youtube doing this?
26 December, 2019 | AtoZ Markets – According to several Youtube influencers, YouTube has cracked down on crypto content with a new set of rule enforcement. Since 23 December, the site has been removing or restricting individual videos from cryptocurrency channels. Some hosts also received warnings and strikes, that temporarily restrict them from uploading content.
Why is YouTube Removing Crypto Videos from Certain Channels?
Base on these opinions, some commentators argue that YouTube is deliberately cracking down on ICOs, referral links, and other cryptocurrency-related marketing activities. Others also believe that the crackdown is simply the result of an overactive algorithm and that YouTube may reverse its decisions in the future.
YouTube has yet to release a public statement on why it restricted or removed cryptographic content and videos from these YouTubers. There have been rumours of new crypto regulations related to tax and investment by 2020. But the US government has yet to issue a clear statement on the matter. The lack of communication from YouTube has also left influencers speculating on the reason for the sudden crackdown.
Crypto Influencers Criticises Crypto Videos Censorship on Twitter
Jake Chervinsky, a lawyer at Ethereum decentralized finance upstart Compound Finance, recently gave his opinion on the matter. He argued that the crackdown likely has something to do with “potential violations of the Securities Act § 17 (b).”
It is a law that also requires influential people to disclose the compensation they received for promoting securities adequately. This would make sense since countless creators of cryptocurrency have promoted initial coin offerings.
I'm guessing the YouTube crypto crackdown has to do with potential violations of Securities Act § 17(b), the "anti-touting" provision, which requires promoters of securities to disclose any compensation they received for their promotion. I'm surprised it took this long, honestly.— Jake Chervinsky (@jchervinsky) December 25, 2019
Omar “Crypt0” Bham, one of the YouTubers affected by the recent move to Youtube, echoed this concern by writing:
“It seems that one of the reasons why YouTube would have to go after crypto channels is any link to external sites/exchanges in the video descriptions.”
Eric Crown and “Chico Crypto” also discussed the possibility of forced censorship of these videos by a certain group of individuals. There have been reports of “mass flagging ” campaigns to bring down Bitcoin and crypto videos. But it’s unclear if this is a group trying to get attention by generating a false buzz about the cause of the repression on Youtube.
Changpeng Zhao, the founder and CEO of the Binance Crypto Exchange, spoke on Twitter about this dilemma, saying:
“It may be time for the crypto community to take a stab at its own blockchain-enabled censorship-resistant social media platform. Many challenges, though, spam, scam, trolls, incentives, copyright, token economy, governance, stickiness, privacy. But it’s time! “
AtoZMarkets’ team has reached out to YouTube for the recent updates about this matter. YouTube told us that it had not banned any crypto video. It was a mistake which is now reversed.
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