Twitter might ban cryptocurrency ads.
March 21, 2018 7:16 am,
Next, in line post-Facebook and Google, Twitter is reportedly planning a ban on advertisements related to cryptocurrencies.
Earlier, on Sunday (18th March 2018), Sky News reported that the US-based social networking giant is looking to roll out a policy in the next two weeks that will block ads associated with cryptocurrency wallets, exchanges, and initial coin offerings, with limited exceptions.
We noted some sources reach out to Twitter for confirmation of Sky’s report. Earlier this month, it was also noted that Twitter CEO Jack Dorsey wrote that the company was “on it” when a cryptocurrency watcher highlighted the prevalence of cryptocurrency “scams” on the site.
However, in an email response to CoinDesk, a Twitter representative said the company would not comment for now, but also did not deny the report.
The move is notable as Twitter has become a popular forum for, not only blockchain industry enthusiasts and firms but also celebrities promoting crypto token offerings that have been frowned upon by regulators, as well as scammers impersonating real accounts in order to hoax investors.
Previously, Google announced that it will ban advertisements for cryptocurrencies and other “speculative financial products” across its ad platforms. The ban on such advertisements will come into force from June.
Also, Facebook product management director, Rob Leathern, also did the similar and explained the move in a blog post: “We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
In conclusion, the news is now seen running that Twitter could enact a similar ban on its massive platform. According to Sky News, the microblogging platform is considering banning crypto advertisements as well as ads for cryptocurrency exchanges.
Twitter has not confirmed the news, but a ban wouldn’t be surprising since Twitter has already suspended the accounts of online scammers who posed as celebrities to steal people’s cryptocurrencies.
Catch the Sky news blog right here: https://news.sky.com/story/twitter-to-prohibit-range-of-cryptocurrency-ads-11293387