Twitter Mulls Ban on Crypto Ads - Report

The social media platform reportedly plans to prohibit a range of crypto-related ads.

by Kalina Tekelieva
19 March • 2.5 min
In News

Amidst surging scams and global governmental moves to regulate the cryptocurrency sector, Twitter has decided to ban crypto ads, Sky News reported on Sunday. 

According to the company’s new advertising policy, ads for initial coin offerings (ICOs), token sales and digital wallets will be prohibited, the news channel wrote without quoting its sources. The changes are seen to take effect in two weeks, and might also bar advertising for digital currency exchanges.

Recent wave of advert bans

So far, Twitter has not announced a decision to revise its current advertising policy, but if the report by Sky News turns out to be true, the move will be in line with the strategy endorsed by other big social media players. 

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In January, Facebook decided to prohibit ads promoting digital currencies, ICOs and binary options, as they are linked to “misleading or deceptive” practices. Google followed suit and revealed last week it would block crypto-related adverts as of June in an attempt to prevent fraudulent activities.

Pressure on crypto prices

Right after Facebook disclosed its new policy, the Bitcoin (BTC) fell by nearly 9% on January 30. The market reacted similarly to Google’s announcement and the price of the Bitcoin dropped by over 10% on March 14. The digital currency market could hardly remain unaffected should Twitter also decide to revise its advertising strategy.

Fighting fake accounts

In order to combat cryptocurrency scams, Twitter will start suspending manipulative accounts from its platform, The Verge reported on March 8.

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Recently, scammers with slightly misspelled accounts (for example pretending to be Ethereum co-founder Vitalik Buterin) have been deceiving Twitter users by promising to send them money in exchange for small amounts of digital currency. Twitter acknowledged the issue and said it was taking steps to prevent the manipulative practices, The Verge wrote.