Following previous reports of a rumored ban, Twitter has announced that cryptocurrency and ICO-related advertisements will be banned from its website from Tuesday.
Micro-blogging giant Twitter has confirmed its new policy in following the likes of Facebook and Google in banning advertisements promoting cryptocurrencies and initial coin offerings (ICOs) from its platform. The ban will also include all ads related to cryptocurrency exchanges and wallet services, with a notable exception afforded to publicly listed companies listed on certain major stock markets, Reuters reports.
The ban will not apply to cryptocurrency exchanges registered and licensed to operate by the Financial Services Agency (FSA), the country’s financial regulator.
A Twitter spokesperson explained in statements to CNBC:
We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.
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.” There has been a considerable rise of crypto-related scams on Twitter wherein scammers have also gone so far as hijacking verified Twitter accounts to trick users into parting with their cryptocurrencies.
Twitter’s new policy falls right alongside the likes of Google and Facebook who have announced their own curbs on crypto-related advertising. Facebook added advertising related to ‘binary options, initial coin offerings, or cryptocurrency’ under its ‘prohibited financial products and services’ policy earlier this year. Google, the world’s largest online advertising provider, announced its own ban on crypto advertising which will come into effect in June.
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Last modified: May 20, 2020 8:57 PM UTC