Twitter is reportedly banning certain ads related to cryptocurrency. This news comes in the wake of major online regulatory efforts for the cryptocurrency world.
According to Sky news, the new advertising policy is set to roll out in two weeks worldwide. It will prohibit ads that pertain to initial coin offerings (ICOs), token sales and cryptocurrency wallets.
In January, social media giant Facebook announced that they will be banning ads that promote services that are “frequently associated with misleading or deceptive promotional activities”.
Earlier this month, Google has also announced that they will be prohibiting ads for cryptocurrencies which encompasses ICOs, wallets and services related to it.
This news also comes after Twitter has experienced an influx of fake accounts relating to cryptocurrency and scamming users. These scammers get away by impersonating famous people. Personalities such as Vitalik Buterin, John McAfee and most recently, Elon Musk.
The fake Elon Musk promised to give away ETH to his followers. The imposter promised to send more ETH in exchange for a small amount. 20 ETH sent to that fake account amounting to about $16,000 before the account was suspended.
If this news will indeed come to light, it will not be the first time that Twitter will be taking steps to reduce the amount of cryptocurrency scams on their platform.
They have already started cracking down on these fake accounts. They confirmed that they are “aware of this form of manipulation and are proactively implementing a number of signals”. This is to prevent accounts from engaging with others in a deceptive manner.
No further details are available yet with regards to Twitter’s supposedly advertising policy but we will be sure keep you up-to-date with the changes.