Cryptocurrency Ads Banned By Latin American E-Commerce Platform

News | March 25, 2019 By:

Mercado Livre, the largest e-commerce company in Latin America, has reportedly banned the promotion of cryptocurrency-related ads on its platform.

Based in Argentina, Merado Livre operates online marketplaces dedicated to e-commerce and online auctions. Merado Livre is Latin America’s most popular e-commerce site by number of visitors. It has operations in Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Mexico, Ecuador, Guatemala, Honduras, Peru, Panama, Uruguay and Venezuela.

The company reportedly notified its users that on March 19, crypto-ads on its site will be stopped automatically. According to the notice, users are prohibited from engaging in any transactions involving cryptocurrencies, including pre-paid cards and cryptocurrencies used in games.

“Mercado Livre clarifies that as of March 19, crypto ads that are active on the site in the “used” condition will automatically be finalized and new ads can only be created as “new products,” Mercado Livre said.

The move came after Mercado Livre announced that PayPal has committed to make a $750 million strategic investment through the purchase of common stock. The company intends to use the proceeds to continue expanding its e-commerce platform, to strengthen its logistics infrastructure, and to invest in solutions that further solidify the company’s position as a powerful provider of inclusive end-to-end financial technology and payments solutions.