Published: Tue, March 27, 2018
Tech | By Amelia Peters

Twitter to start banning cryptocurrency ads, joining Google and Facebook

Twitter to start banning cryptocurrency ads, joining Google and Facebook

Following in the footsteps of Google and Facebook, Twitter Inc will enforce a ban on cryptocurrency advertisings in a move to help protect investors from fraud. Twitter's new advertising rules will go into effect over the next 30 days, so look forward to seeing far fewer cryptocurrency advertisements soon. "Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally", a Twitter spokesperson said.

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. Bitcoin slipped five percent below $8,000 on Tuesday, ethereum plunged 10.73 percent to $456, and ripple fell 6.63 percent to $0.57. For Japan, advertisements governing banking, securities, foreign exchange, virtual currency exchange trading and insurance must be authorized by the Financial Services Agency.

"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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Twitter has been struggling with serious issues like fake accounts who have been "engaging with others in a deceptive manner" as revealed in a report earlier this month. Billions of dollars have been raised by some startups through initial coin offerings in the highly unregulated and volatile market.

In a statement, the company said it was committed to making sure that its community was safe. Facebook was then followed by Google, which plans on enacting their ban in June. Last Monday, an operator of Cboe urged the United States securities regulators in a letter to the Securities and Exchange Commission (SEC) to consider approving cryptocurrency exchange-traded funds. 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". Crypto Twitter is a source of rumors and news about cryptocurrency as well.

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