Published: Tue, March 27, 2018
Tech | By Tabitha Holland

Twitter Joins Facebook And Google In Banning Crypto Coin Sale Ads

Twitter Joins Facebook And Google In Banning Crypto Coin Sale Ads

It dropped 12% in late January after Facebook announced that it would ban all ads relating to cryptocurrency to prevent the spread of financial services and products that are associated with deceptive or misleading advertising practices.

Microblogging platform Twitter will block cryptocurrency-related advertisements, beginning tomorrow.

"We are committed to ensuring the safety of the Twitter community". The company will also ban advertisements from exchanges and wallets "unless they are public companies listed on certain major stock markets".

The microblogging platform Twitter will not allow any cryptocurrency initial coin offerings (ICOs) and cryptocurrency token sales on its platform, as per its updated policy. "As such", the statement read, "we have revised our policy to ban any ad that is related to cryptocurrencies". Facebook was then followed by Google, which plans on enacting their ban in June.

Twitter Inc (TWTR.N) will start banning cryptocurrency advertising from Tuesday, joining Facebook and Google in a clampdown that seeks to avoid giving publicity to potential fraud or large investor losses.

A Twitter spokesperson states that this action is due to the fact that most crypto related contents and ads are often connected to fraud and deception.

While critics call cryptocurrencies a Ponzi scheme that will end in tears for the majority of investors, supporters say the coins are backed by powerful new technology that can replace traditional fiat currencies and upend the existing banking system. As per a CBNC report, Bitcoin was trading near $7,886 as of 3:04 p.m. ET, which is more than $600 less than a day earlier.

For Japan, these will be limited to crypto exchanges regulated by its national financial regulator, Twitter said. Crypto Twitter is a source of rumors and news about cryptocurrency as well.

In 2017, $5.6bn was raised through ICOs, but there are also concerns that scammers are using online ads to find victims willing to part with their cash for what may be revealed as the Dutch tulip auctions of our age.

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