Twitter to ban cryptocurrency ads from Tuesday

27 March, 2018, 18:47 | Author: Larry Hoffman
  • The policy will also stop crypto-exchanges from advertising with limited exceptions

It dropped 12% in late January after Facebook announced that it would ban all ads relating to cryptocurrency to prevent the spread of financial services and products that are associated with deceptive or misleading advertising practices.

Twitter said the new rules will roll out starting Tuesday and will apply to all advertisers in about a month.

The company told Reuters that the ban would cover the advertising of initial coin offerings (ICOs) and token sales, as well as cryptocurrency exchanges and cryptocurrency wallet exchanges, unless they are public companies listed on certain major stock markets.

On Monday, Twitter Inc. confirmed it will commence banning crypto ads on its platform.

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"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. As such, we have added a new policy for Twitter Ads relating to cryptocurrency. Twitter representatives stated that they wanted to make sure that its users were not the victims of some type of fraudulent activity.

Facebook has restricted crypto-related adverts, while Google announced a ban that comes into force in June.

Bitcoin (BTC) was down around 8% following the news, according to Coincompare, dipping back below the $8,000 dollar mark after a brief spike overnight (UK) had sent it up over the $8,100 mark.

With a low barrier of entry - only requiring a few lines of code to operate - cyber-criminals are harnessing stolen processing power and cloud CPU usage from consumers and enterprises to mine cryptocurrency.

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

The move was aimed at tightening the noose around cryptocurrency-linked ponzi schemes, that flourished amid surging popularity of cryptos like Bitcoins.

Since the news of Twitter's cryptocurrency ban, market prices have slumped in value, according to CoinMarketCap.

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