Twitter follows in Google’s footsteps: bans cryptocurrency ads

Twitter announced towards the end of March that it would begin blocking cryptocurrency and ICO-related advertisements right away.This move intends to protect the Twitter community and discourage opportunities of fraud and deception. While the ban has been rolled out this week, it is supposed to be enforced on all advertisers over the next one month. Besides ads promoting cryptocurrencies and ICOs, the ban will also include advertisements related to cryptocurrency exchanges and wallet services. However, publicly listed companies that are registered and licensed to operate by the Financial Services Agency (FSA) in the US and by other regulatory bodies world wide, will not be subject to the ban.

Twitter is set to update its policy page wherein users navigating through posts under ‘Crypto Twitter’ will be protected from cases of fraud. Crypto Twitter is the infamous alley on the microblogging site that not only provides regular updates on Bitcoin, other altcoins and digital currency exchanges but also opens up a channel for people to lure users into freshly launched ICOs or unreliable exchange forums.

Rumors about a possible ban had started floating last week which led to Bitcoin prices falling close to the $7,000 level and then recovering $700 within the next 3 hours that followed. Post the official confirmation made by Twitter earlier in March, Bitcoin’s price dropped by over 7 percent. Bitcoin had seen a similar drop of approximately 12 percent in its prices in January 2018 when Facebook announced a ban on “financial products and services frequently associated with misleading or deceptive promotional practices.”

Twitter joins Google and Facebook in putting a ban on cryptocurrencies

Twitter joined Google, world’s largest ad provider, that had earlier announced an update to its financial services policy to restrict advertising for “cryptocurrencies and related content” starting in June. The announcement made earlier in March, 2018 led to a 9 percent decrease in the value of Bitcoin.

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