Which email service providers restrict or ban cryptocurrency-related mail, and what are the reasons?

Key findings

• Explicit bans: Mailchimp is a notable example of an ESP that explicitly bars cryptocurrency-related messaging due to its acceptable use policy. This means any marketing campaigns for crypto businesses are prohibited.
• Restricted categories: Other ESPs, such as Constant Contact and iContact, may not have outright bans but place crypto under restricted categories like Forex, requiring pre-approval or close monitoring. This is often stated in their acceptable use policies, which prohibit content that is fraudulent or misleading, as seen with SendGrid's guidelines.
• Case-by-case evaluation: Some providers evaluate cryptocurrency accounts on a case-by-case basis, distinguishing between educational materials and high-risk activities like Initial Coin Offerings (ICOs).
• High risk of abuse: The primary underlying reason for restrictions is the significant percentage of fraudulent, phishing, and scam-related emails associated with cryptocurrency, which negatively impacts the ESP's overall deliverability and IP reputation. Understanding how email blacklists actually work helps illustrate why ESPs are cautious.

Key considerations

• Content type: The nature of the crypto content (e.g., educational, transactional, promotional ICOs) can heavily influence an ESP's decision to allow or restrict mail. Educational content is generally viewed more favorably than speculative investment offers.
• Sender reputation: ESPs are highly protective of their sender reputation. Allowing high volumes of problematic crypto mail can lead to IP blocklists or domain blocklists, affecting all their clients.
• Legal and compliance risks: The volatile and often unregulated nature of cryptocurrency markets exposes ESPs to legal and compliance risks, particularly concerning fraud and money laundering.
• Engagement metrics: For ESPs that do permit crypto mail, maintaining high engagement rates and low spam complaints is crucial. Poor engagement, even for non-crypto mail, can lead to delivery issues. Dedicated IP routes with strong data quality may be necessary for crypto senders.

Key opinions

• Mailchimp's strict policy: Many marketers are aware of Mailchimp's explicit ban on cryptocurrency-related content, often citing it as a primary example of ESP caution in this sector. Their acceptable use policy is clear on this matter, as detailed on Mailchimp's website.
• Industry-wide caution: The general sentiment is that while not all ESPs have explicit bans, most exercise extreme caution with cryptocurrency, often lumping it with other high-risk financial services like Forex trading.
• Engagement over content type: Some marketers believe that ESPs should focus more on engagement levels and data quality rather than blanket banning content types. They argue that a well-engaged crypto list is preferable to a stale, non-crypto list.
• High percentage of problematic mail: There's an acknowledgment that a significant portion of crypto-related mail has historically been associated with poor practices, leading to the current restrictive environment. This contributes to the broader challenges of SMTP 550 errors for affected senders.

Key considerations

• Finding alternative ESPs: Marketers must actively seek out ESPs that are more open to cryptocurrency content or have specific policies for it. This often involves looking beyond the most popular mainstream providers.
• Vetting processes: Prepare for thorough vetting by ESPs, which may involve detailed explanations of your business model, content types, and list acquisition methods. Transparency is key.
• Dedicated sending infrastructure: For significant crypto operations, marketers might need to consider dedicated IP addresses and sending domains to maintain better control over their reputation and isolate their sending from other clients of an ESP. This is crucial for managing IP warmup and reputation.
• Strict list hygiene: Given the higher scrutiny, maintaining impeccable list hygiene and consent is paramount to avoid spam complaints and blocklists, which are common affiliate marketing pitfalls.

Key opinions

• Risk mitigation: Experts view ESP restrictions as a necessary measure to mitigate the risks associated with crypto, such as fraud, scams, and money laundering, which can severely damage an ESP's reputation and lead to email blocklistings.
• Compliance burden: The evolving and often fragmented regulatory landscape for cryptocurrencies (e.g., in the Gulf Cooperation Council countries) creates a significant compliance burden for ESPs, making blanket policies simpler to enforce.
• Protecting network integrity: The primary goal is to prevent their sending infrastructure from being used for malicious purposes, which in turn protects the deliverability of all their legitimate clients. This is tied to maintaining a healthy email authentication framework.
• Engagement as a key metric: Some experts agree that while content type is a factor, subscriber engagement remains a critical indicator of legitimate mail. Low engagement, regardless of content, can trigger spam filters and lead to blocklistings.

Key considerations

• Proactive policy communication: ESPs should clearly communicate their acceptable use policies regarding crypto to help senders understand limitations and avoid compliance issues upfront.
• Industry self-regulation: The cryptocurrency industry itself needs to improve its email marketing practices to reduce the overall spam and abuse rate, which would, in turn, alleviate some of the pressure on ESPs.
• Differentiating legitimate businesses: ESPs could explore more sophisticated vetting processes to differentiate legitimate, compliant crypto businesses from fraudulent ones, rather than applying blanket bans. This could involve stricter DMARC policies for high-risk accounts.
• Focus on data quality and engagement: For senders whose crypto mail is permitted, prioritizing list quality and consistent, positive subscriber engagement is critical to maintaining good deliverability and avoiding blocklistings.

Key findings

• Broad prohibition clauses: Many ESPs use general language in their AUPs to prohibit content that is fraudulent, misleading, or associated with pyramid schemes and multi-level marketing. Cryptocurrency-related schemes often fall under these existing prohibitions without needing specific mention.
• Emphasis on trust and reputation: Documentation often highlights the importance of maintaining network trust and reputation. Any content that could jeopardize these, like high-spam-rate crypto campaigns, is typically restricted.
• User responsibility: AUPs place the responsibility on the user to ensure their content complies with all applicable laws and does not violate industry best practices, even if specific examples like cryptocurrency are not listed.
• Explicit crypto bans: Some notable ESPs, like Mailchimp, have indeed updated their acceptable use policies to explicitly include bans on cryptocurrency-related messaging, reflecting a direct response to the industry's evolving landscape.

Key considerations

• Review acceptable use policies: Before engaging with any ESP for crypto-related mail, thoroughly review their latest acceptable use policy and terms of service for any explicit or implicit restrictions on cryptocurrency, financial services, or fraudulent content.
• Understand broad categories: Even if "cryptocurrency" isn't mentioned, understand that terms like "phishing," "pyramid schemes," or "fraudulent content" are often broad enough to encompass many crypto-related abuses. These are often triggers for blocklist listings.
• Direct communication with ESP: If in doubt, contact the ESP's support or compliance team directly to inquire about their specific stance on your type of crypto content. Misinterpreting policies can lead to service termination.
• Focus on compliance: Ensure your content and sending practices are fully compliant with relevant financial regulations and anti-spam laws, as ESPs often enforce policies to align with these legal requirements.