Twitter Bans Cryptocurrency Adverts Over Fraud Fears

Twitter Bans Cryptocurrency Adverts Over Fraud Fears

Banning cryptocurrency-related ads follows Facebook and Google's announcement that they would ban advertisements for cryptocurrencies and other "speculative financial products" across their ad platforms.

The ban will roll out Tuesday, and become fully enforceable for all advertisers within a month.

"Advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally", a Twitter spokesperson said in an emailed statement today. Token sales and ICOs will be blocked, but cryptocurrency wallets and exchanges will be limited to only public companies that are listed on major stock markets.

Twitter's financial services policy has already been updated to reflect the ban. When we take all of these bans together, it certainly seems like Twitter is about to purge the majority of cryptocurrency advertising from its platform.




Twitter's ban was first reported by Sky News a week ago, suggesting that the ban would come into effect at some point over the next two weeks after Twitter publicly said it was taking measures in preventing crypto-related accounts from "engaging with others in a deceptive manner". The price was further knocked down by news of Google and Facebook bans. Last Monday, an operator of Cboe urged the U.S. securities regulators in a letter to the Securities and Exchange Commission (SEC) to consider approving cryptocurrency exchange-traded funds.

Bitcoin (BTC) was down around 8% following the news, according to Coincompare, dipping back below the $8,000 dollar mark after a brief spike overnight (UK) had sent it up over the $8,100 mark.

Bitcoin being the top crypto has undergone a great fall this week.

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. The schemes have seen notable exchanges, and certain personalities from the crypto world like Binance's Changpen Zhao and Etherium founder Vitalik Buterin, impersonated on the service.

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