Twitter to ban cryptocurrency ads from Tuesday

Twitter to ban cryptocurrency ads from Tuesday

Bitcoin dropped by 5% to record $7,989 while Ethereum lost 10.4% of its value reaching $459 following Twitter's revelation about a ban on cryptocurrency ads.

Following in the footsteps of Google and Facebook, Twitter Inc will enforce a ban on cryptocurrency advertisings in a move to help protect investors from fraud.

"With the increasing number of ICOs coming to market, it is an impossible task for anyone, much less platforms like Twitter or Facebook, to keep on top of which ICOs and cryptocurrencies are genuine versus frauds... Under this new policy, the advertisement of ICOs and token sales will be prohibited globally".

Cryptocurrency exchanges and wallet services ads will be limited to those that are provided by a public company listed on major stock markets, and in Japan, these will be limited to crypto exchanges regulated by the nation's Financial Services Agency, the Twitter spokesperson said.

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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.

In a statement, the company said it was committed to making sure that its community was safe. The report follows the recent crackdown of Google and Facebook against crypto ads. All advertisers will be affected by the new policy. Hyping up cryptocurrencies and creating pump and dump schemes via online social media like Twitter and Telegram has been one of the main strategies that some individuals use to generate quick profits on the crypto market. Last Monday, an operator of Cboe urged the USA securities regulators in a letter to the Securities and Exchange Commission (SEC) to consider approving cryptocurrency exchange-traded funds. As it turns out, that isn't the only thing Twitter is going to do to cut back on the amount of cryptocurrency spam on its platform, as it will soon be restricting certain ads as well. As big as they are, these internet behemoths want no part of a crypto-based class action lawsuit.

Images courtesy of Pixabay and Shutterstock.

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