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Twitter follows suit; plans ban on cryptocurrency ads

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(FinancialPress) — Twitter will round up the higher echelon of online advertisers that ban cryptocurrency ads. The short-message news and networking platform will reportedly follow the path led by Google and Facebook.

The policy update will roll out in the upcoming weeks. It will apply a blanket-ban on all cryptocurrency-related advertisements, including wallet services, exchanges and ICOs – with a few, very limited exceptions. The news was first reported by Sky News.

Twitter declined to comment on the issue at the moment. However, they also did not deny the report.

This is a very notable move from the social platform, as Twitter has become a stronghold for supporters of the blockchain industry. Firms and enthusiasts have adopted it as one of the most popular forums for discussion of the technology, but that did not come without its flaws. There have been episodes of celebrity endorsements for initial coin offerings, which have been seen with negative eyes by regulators. Not only that, but the site found itself hosting impersonator accounts of celebrities used for scamming purposes in the same medium.

The decision also follows suit with a statement made by CEO Jack Dorsey earlier in the month. The frontman had said that the firm would “double down“ on its efforts to purge the platform from crypto scammers.

Leading the pack for Twitter

The frontrunners for this clean-up effort are Google and Facebook. Both have recently unveiled policy changes that will soon come into effect aimed towards removing cryptocurrency-related ads.

Facebook announced via blog that it will ban “ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”

Meanwhile, Google revealed it would do the same starting in June. The decision will affect crypto exchanges and token sales. Advertisers will be able to request a certification that will allow them to run ads. The permit will pend on review and approval by the company.

 

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