Twitter To Ban Cryptocurrencies Advert

Twitter to start banning cryptocurrency ads, joining Google and Facebook

Facebook is implementing similar measures to cut back on the amount of cryptocurrency marketing that appears on its website, and Google has its own restrictions rolling out later this year.

Last week it was reported by EthereumWorldNews, that Twitter was planning on banning advertisements related to digital currencies, ICOs, and token sales.

Twitter said the new rules will roll out starting Tuesday and will apply to all advertisers in about a month. Twitter representatives stated that they wanted to make sure that its users were not the victims of some type of fraudulent activity.

Going forward, cryptocurrency exchanges and wallet services ads will be limited to those that are provided by a public company listed on major stock markets.

Under the new policy, the advertisement of ICOs, or initial currency offerings, and token sales will be prohibited at the global one-to-many messaging platform.

More news: Trump's China tariffs leave room to negotiate, but investors fret

"We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs)", Scott Spencer, Google's Director of Sustainable Ads, had said.

Twitter is the latest internet firm to take steps to avoid any role in financial crime investigations that likely will come from cryptocurrency fever when investors get burned. Reddit, Google and Facebook have already blocked such advertisements. Ethereum has fallen 45%, Ripple is 38% lower, Litecoin is down 40% and Bitcoin Cash has dropped 29% since January.

A Twitter spokesperson states that this action is due to the fact that most crypto related contents and ads are often connected to fraud and deception.

Of course, another major reason behind the banning of cryptocurrency ads is that of liability. It is set thereby to curtail the online promotion of initial coin offerings, or ICOs, which are now a popular way to raise funds. The schemes have seen notable exchanges, and certain personalities from the crypto world like Binance's Changpen Zhao and Etherium founder Vitalik Buterin, impersonated on the service. Reportedly, bitcoin fell 8 percent to below $8,000 following Twitter's decision to ban cryptocurrency ads.

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