Report Reveals Twitter To Ban Cryptocurrency-Related Ads
Following in the footsteps of Facebook and Google, Twitter is allegedly making plans to ban commercials associated with cryptocurrencies.
Sky News announced Sunday that the U.S.-based social networking giant is seeking to roll out a policy in the next weeks with the intention to block ads associated with cryptocurrency wallets, exchanges, and initial coin offerings, with a restrained report.
In an email reply to coindesk, a Twitter representative said the company could not comment for now, however also did not deny the report.
The flow is notable as Twitter has come to a famous forum for, no longer most effective blockchain industry enthusiasts and companies, however also celebrities selling crypto token services which have been frowned upon via regulators, as well as scammers impersonating actual debts with the intention to hoax traders.
It also follows a remark earlier this month from Jack Dorsey, CEO and founding father of Twitter, indicating that the firm might double down on its efforts to tackle the scourge of crypto scammers on the platform.
Meanwhile, Google and Facebook have both lately implemented policy adjustments to do away with cryptocurrency-associated advert content material. Other, slightly more elaborate offerings appear to have been Madoff-like Ponzi schemes. One of these, BitConnect, promised investors a laughable 40% monthly return and then collapsed dramatically in January. Social media, including both Twitter and Google’s YouTube video platform, have been major channels for peddling such projects. However, the impact of advertising restrictions alone will likely be limited — much of the deceptive and dangerous hype around cryptocurrency projects comes from individual ambassadors or early investors, or from “pump and dump” accounts who collectively manipulate the highly volatile market.
Facebook said in a blog post in late January that it’d block “ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency.”
Internet giant Google introduced just last week that it might include cryptocurrency into its restrict list beginning in June of this year, successfully banning commercials for crypto exchanges and token income.
Other, slightly more elaborate offerings appear to have been Madoff-like Ponzi schemes. One of these, BitConnect, promised investors a laughable 40% monthly return and then collapsed dramatically in January. Social media, including both Twitter and Google’s YouTube video platform, have been major channels for peddling such projects. However, the impact of advertising restrictions alone will likely be limited — much of the deceptive and dangerous hype around cryptocurrency projects comes from individual ambassadors or early investors, or from “pump and dump” accounts who collectively manipulate the highly volatile market.
