Twitter to ban cryptocurrency ads, joining Facebook, Google

29 March, 2018, 02:25 | Author: Elena Summers
  • Twitter moves to ban crypto ads		
		
	Natasha Lomas

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Microblogging platform Twitter will ban the advertising of digital currencies, thus joining Facebook and Google in the action against this sector, aimed at preventing possible frauds and large losses of investors. However, reports suggest that the ban won't harm them since just 1 per cent of their traffic is via such paid ads.

When the Twitter ban was first hinted at, CNBC report that Bitcoin prices fell sharply.

The ban on cryptocurrency ads will ideally stop scammers, but Twitter will allow some ads to appear as long as they're from a recognized or licensed institution.

"Advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally", a Twitter spokesperson said in an emailed statement today. Earlier in March, Twitter started purging itself of accounts that were soliciting cryptocurrency exchanges in the name of famous personalities like Elon Musk, John McAfee, etc.

The new policy leaves open the door for ads for cryptocurrency exchanges or secure "wallet" services offered by public companies listed on some major exchanges. In fact, we may have Facebook and Google to thank for Twitter ramping up its fight against deceptive cryptocurrency practices, as it told Reuters it faced calls to do more after the other two companies announced their plans.

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"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.

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

Bitcoin has lost more than half its value from a December peak of nearly $20,000 as fears of a regulatory clampdown spooked investors.

Twitter's new policies are created to discourage opportunities for fraud and deception, as users navigate "Crypto Twitter".

Trey Ditto, CEO of Ditto a marketing firm that specializes in cryptocurrency, blockchain and ICOs, believes these blanket bans will be adjusted in the weeks to come with much more specific language around what is and isn't legal.

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