Twitter Bans Cryptocurrency & ICO Advertising, Starting Today
Following previous reports of a rumored ban, Twitter has declared that cryptocurrency and ICO-related advertisements will be banned from its website from Tuesday.
Micro-blogging giant Twitter has confirmed its new policy in after the likes of Facebook and Google in banning ads promoting cryptocurrencies and first coin offerings (ICOs) from its own platform. The ban will also include all ads related to cryptocurrency exchanges and wallet services, with a notable exception given to publicly listed firms listed on particular significant stock markets, Reuters reports.
The ban will not apply to cryptocurrency exchanges licensed and registered to operate from the Financial Services Agency (FSA), the nation's financial regulator.
A Twitter spokesperson clarified in statements to CNBC:
We're committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency.
Twitter's ban was initially reported by Sky News a week ago, suggesting that the ban would come into effect at some point during the next two weeks after Twitter publicly said it was taking steps in preventing crypto-related reports from «engaging with others in a deceptive manner.» There has been a considerable increase 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 drops right alongside the likes of Google and Facebook who have announced their own curbs on crypto-related advertising. Facebook added advertisements related to 'binary alternatives, 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 can come into effect in June.