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Twitter to Reportedly Ban Cryptocurrency Ads in Two Weeks

Twitter to Reportedly Ban Cryptocurrency Ads in Two Weeks

After Facebook and Google, Twitter is reportedly making plans to crackdown on cryptocurrency by banning crypto-related ads from its platform.

SkyNews reported on March 18 that the social media giant is preparing to roll out a policy in the next two weeks that will be focused at restricting advertisements related to cryptocurrency, ICOs, crypto wallets and businesses from accessing Twitter.

The news outlet reported that they “understand that the new advertising policy will be implemented in two weeks and currently stands to prohibit advertisements for Initial Coin Offerings (ICOs), token sales, and cryptocurrency wallets globally.”

Facebook rolled out a similar policy in January while Google announced an update in its Financial Services Policy last week that will ban crypto ads from June 2018.

Facebook’s announcement caused Bitcoin to fall by 12 percent while Google’s caused the cryptocurrency to drop by 9 percent.

If Twitter really implements a ban on crypto adverts it is going to be a huge blow to the crypto market as the microblogging platform aids a lot to the cryptocurrency popularity. The platform is used for advertising blockchain businesses, ICOs and is even used by some celebrities to promote crypto tokens.

Twitter has not yet commented on the alleged crypto ad ban.

Although this move by social media forums might be disadvantaging to many businesses and individuals, it is still beneficial in the sense of providing protection against crypto hacks and scams. Along with legit advertisements, crypto scams led by unethical hackers also access these platforms and prey upon innocent users.

Earlier this month, Twitter CEO and Founder, Jack Dorsey said while replying to a tweet that the firm would double its efforts against crypto scammers after the platform was crowded by fake accounts that advertised crypto Ponzi schemes.

Also Read: Google Bans Cryptocurrency Advertising, and Bitcoin Continues to Drop

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