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Twitter bans cryptocurrency advertising

Twitter bans cryptocurrency advertising

Micro-blogging giant Twitter has confirmed the rumours of ban on cryptocurrency and ICO-related advertisements from their website, 27 March onwards.

Twitter has announced its new policy, following the lead of Facebook and Google in banning cryptocurrencies and Initial Coin Offerings (ICOs) from its platform.

According to the reports of Reuters, It has banned all ads related to crypto exchanges and wallet services but has exempted publicly listed companies on certain major stock markets.

The ban gives an exception to the cryptocurrency exchanges registered and licensed to operate by the Financial Services Agency (FSA), which is the financial regulator of the country.

 A Twitter spokesman said in an interview to CNBC:

"We want to ensure the safety of the Twitter community. Therefore, we have added a new policy for Twitter ads relating to cryptocurrency. Under this, the ICOs and token sales would be banned and prohibited globally."

Possibilities of imposing such ban was earlier reported by Sky News  a week ago, suggesting that the Twitter might soon ban the ads. Twitter had earlier made announcement that it was looking forward to take some measures in preventing crypto-related accounts from 'engaging with others in a deceptive manner.'

Evidently, there has been a rapid rise of crypto-related scams on Twitter wherein scammers have hacked and posted notorious posts from the verified accounts after hijacking their accounts and tricking the users into parting with their cryptocurrencies.

Twitter's policy falls in line with the likes of Google and Facebook who have already announced their curbs on crypto-related advertising.

Facebook added advertising relating to Initial Coin Offerings, binary options or cryptocurrency under its prohibited financial products and services policy earlier this year,

One of the world's largest online advertising provider, Google has also announced its ban on crypto advertising which is all set to come into effect from June.