Twitter announces a ban on cryptocurrency ads

Twitter Bans Cryptocurrency Ads to Prevent Fraudulent Transactions

Twitter 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.

Microblogging site Twitter has announced that advertisements for initial coin offerings (ICO) will be banned on the platform starting today.

Twitter has announced this month that it is taking measures to prevent the use of cryptocurrency profiles and trying to communicate with others in a "misleading way".

This caused Bitcoin to hover around the $8,000 level. As such, we have added a new policy for Twitter Ads relating to cryptocurrency.

Under the new policy, the advertisement of ICOs and token sales will be prohibited at the global one-to-many messaging platform. It now reads: "Twitter permits the promotion of financial services and related content with restrictions".

Twitter followed the lead of Google and Facebook, which earlier this year cracked down on digital currency ads to protect users from being duped. Obviously, Twitter doesn't want to risk advertising potentially fraudulent ICOs on its very popular platform, so this ban certainly makes sense when you look it at that way. "We will revisit this policy and how we enforce it as our signals improve", Facebook's ad tech director wrote in a blog post.

Prices recovered to the $9,000 range last week following a G-20 meeting where central bankers and finance ministers had "productive" discussions on cryptocurrency. Brian Kelly, CEO of BKCM, a prominent digital asset investment fund told the publication that the market was "just drifting lower" and the news wasn't really anything to concern investors in Bitcoin.

The exceptions are major public listed companies that deal in cryptocurrency or even secure wallet services who will be allowed to advertise. 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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