Twitter confirms the ban of cryptocurrency and ICO-related advertisements on its platform.
News about the possibility of the ban surfaced last week and now it has finally been confirmed. Twitter will start banning cryptocurrency-related ads starting Tuesday.
The micro-blogging giant is the third major online platform to announce the ban following Facebook and Google. This is to reduce the possibility of potential fraud or large investor losses that maybe promoted in their website.
“We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency,” a Twitter spokesperson told CNBC.
The new policy rolls out in the next 30 days globally. The ban will include ads on Initial Coin Offerings (ICOs) and token sales. Twitter will also ban ads by cryptocurrency exchanges and e-wallet services.
However, this news doesn’t seem to faze crypto enthusiasts.
Blockchain Capital Spencer Bogart points out Jack Dorsey, Twitter’s CEO, is a believer of the cryptocurrency. He says’s to “read between the lines on any announced ‘ban’.”
“Given that the larger and more significant platforms have already made this move, I wouldn’t expect Twitter’s news to have much of an effect,” he explains.
Earlier this week, Dorsey has told the Sunday Times newspaper that he believes it will overtake the dollar in importance. He adds that Bitcoin will become the single global currency within the next decade.