Thursday, 26 April, 2018

Twitter, Inc | $TWTR Stock | Social Media Giant Bans Cryptocurrency Ads

Twitter to start banning cryptocurrency ads, joining Google and Facebook Twitter gears up to ban most cryptocurrency ads
Pete Mitchell | 27 March, 2018, 18:48

On Monday, Twitter Inc. confirmed it will commence banning crypto ads on its platform.

Today, Twitter announced that it will be joining the likes of Facebook and Google in banning advertisements for initial coin offerings (ICO) and token sales.

Starting March 27, Twitter will no longer allow advertisements of cryptocurrencies on its platform. "As such", the statement read, "we have revised our policy to ban any ad that is related to cryptocurrencies". All ICOs and token sales will be prohibited with the restriction exempting firms that are providing cryptocurrency exchange or wallets services to only listed public companies on major stock markets.

The move comes after Twitter said it would take measure to prevent crypto-related accounts from being deceptive to users, but has since chose to follow in the footsteps of both Facebook and Google. For Japan, advertisements governing banking, securities, foreign exchange, virtual currency exchange trading and insurance must be authorized by the Financial Services Agency.

In order to protect the safety of the community, Twitter added a new policy for cryptocurrency-related ads. All advertisers will be affected by the new policy.

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Curiously, that would bar firms such as the largest US -based exchange Coinbase from advertising on the platform, while presumably still allowing Twitter's sister company, Square, to advertise its young Bitcoin buying and selling function on its Cash app.

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

Rumors initially circulated earlier last week that Twitter would ban such ads. 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.

The worry about fraudulent activity in the cryptocurrency market is also getting the attention of governments around the world.

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.

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