Twitter to ban cryptocurrency ads from Tuesday

28 March, 2018, 01:58 | Author: Norman Carr
  • Twitter to start banning cryptocurrency ads, joining Google and Facebook

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.

"In June 2018, Google will update the financial services policy to restrict the advertisement of contracts for difference, rolling spot forex and financial spread betting", Google said.

The move, which was announced today, will see Twitter ban ads for initial coin offerings and token sales in an attempt to curb the potential for fraud.

"With the increasing number of ICOs coming to market, it is an impossible task for anyone, much less platforms like Twitter or Facebook, to keep on top of which ICOs and cryptocurrencies are genuine versus frauds", said Zennon Kapron, director of the financial consultancy Kapronasia.

The ban on cryptocurrency ads will ideally stop scammers, but Twitter will allow some ads to appear as long as they're from a recognized or licensed institution.

The rare announcement sent Facebook's stock tumbling - at one point Monday morning down more than 6 percent - as the company faced potential new punishment by the USA government, including fines that could reach well into the millions of dollars.


The new policies on cryptocurrency ads that have recently been adopted by major social media platforms have caused the value of the digital asset to decline rapidly.

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". Earlier in March, Twitter banned a handful of accounts that were impersonating popular people within the technology industry, like Elon Musk, John McAfee and the founder of Ethereum Vitalik Buterin.

"The Facebook sources believe Zuckerbergs willingness to testify will also put pressure on Google CEO Sundar Pichai and Twitter CEO Jack Dorsey to do the same".

Other cryptocurrencies, or "alt coins", have also fallen double digits this year.

Bitcoin - the largest digital currency sold for $7,847.87 as at 11 am Hong Kong time. Bitcoin has dropped from $14,000 in January and is now trading under $8,000.

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