Twitter confirms the ban on cryptocurrency and ICO ads

27 March, 2018, 18:50 | Author: Kristen Mcgee
  • Twitter to start banning cryptocurrency ads, joining Google and Facebook

As of now, Twitter has confirmed to Reuters, that they will start banning all cryptocurrency and ICO advertising effective from today, Tuesday.

Under the new policy, Twitter will prohibit ICOs ads, as well as token sales.

The ban won't affect public companies listed on certain stock markets.

Bitcoin fell roughly 7 percent Monday to below $8,000 following weeks of regulatory uncertainty and advertising crackdowns by tech companies.

"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.

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The move from Twitter follows the likes of Facebook, Google, and Reddit, which claims to have banned digital currency ads in 2016, according to a report from the Verge.

Last week it was reported by EthereumWorldNews, that Twitter was planning on banning advertisements related to digital currencies, ICOs, and token sales.

Advertising of cryptocurrencies has boomed as demand for investing in them soared, with everything from London's transport network to Japanese television featuring adverts for the virtual coins or ways to trade them. For Japan, the restrictions will be limited to crypto exchanges regulated by its national financial regulator, Twitter said. At the beginning of March, Google also stated that cryptocurrency advertisements will no longer be accepted beginning in June.

Of course, another major reason behind the banning of cryptocurrency ads is that of liability.

The new policies implemented by Twitter aim to discourage any possibility of deception and fraud as people navigate Crypto Twitter, which Bitcoin evangelists use to promote the cryptocurrency. In January, this year, he had tweeted, "Instant buying (and selling, if you don't want to hold) of Bitcoin is now available to most Cash App customers". However, if significant regulatory action is taken by the United States, the major cryptocurrencies could see a dramatic market decline.

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