Tuesday, 18 September, 2018

Twitter to Start Banning Cryptocurrency-Related Advertisements from Tomorrow

Twitter bans Bitcoin other cryptocurrencies ads here are key things to know Twitter will start banning cryptocurrency ads tomorrow
| 27 March, 2018, 18:46

But, despite banning crypto ads on his company's network, Twitter CEO Jack Dorsey recently said that bitcoin was deemed to become the leading virtual currency in the next 10 years.

Today, Twitter announced that it will be joining the likes of Facebook and Google in banning advertisements for initial coin offerings (ICO) and token sales. Twitter, in particular, was rumored to block and crack down on cryptocurrency in previous reports, but nothing was certain at that time.

Global regulators have also taken note of potential risks in initial coin offerings, or digital coins released through fundraisers known as token sales.

"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. This is the real asset of Twitter that the community is using and the ban on advertising is not in any way going to change that.

But, for Japan, such the exemption will only be applicable to cryptocurrency exchanges that are under the regulation of the country's national financial regulator.


The move comes after Twitter said it would take measure to prevent crypto-related accounts from being deceptive to users, but has since made a decision to follow in the footsteps of both Facebook and Google. The expected move will affect advertising around bitcoin and other cryptocurrencies, including Ethereum.

Since the news of Twitter's cryptocurrency ban, market prices have slumped in value, according to CoinMarketCap.

While critics call cryptocurrencies a Ponzi scheme that will end in tears for the majority of investors, supporters say the coins are backed by powerful new technology that can replace traditional fiat currencies and upend the existing banking system.

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.

Images courtesy of Pixabay and Shutterstock.

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