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.
No More Cryptocurrency Ads for Google
Google announced that it will ban advertisements that promote cryptocurrencies and initial coin offerings (ICO’s) from June. This is part of Google’s update to its policy, which will also ban other risky financial products. Advertisements for aggregators and affiliates will no longer be able to display “cryptocurrencies and other related content, as stated in Google’s policy.
A lot of changes will happen once the new policy will take place. Bloomberg has previously noted that Facebook cryptocurrency ads found a way past the ban by just changing the “o” in “bitcoin” to zero. This simply shows that you can get past the ban just by deliberately misspelling some words.
A Google spokesperson told Bloomberg that they will anticipate workarounds like this. They noted that the company was able to take down 3.2 billion ads in violation of its policies. Scott Spencer, director of sustainable ads at Google, wrote “Improving the ads experience across the web, whether that’ removing harmful ads or intrusive ads, will continue to be a top priority for us.”
Governments are also clamping down on the digital tokens as Bitcoin and other cryptocurrencies are notoriously volatile. India does not consider Bitcoin to be legal tender. Korea is planning a bill to ban all domestic cryptocurrency trading. And China is increasingly cracking down on digital currencies.
Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independent of a central bank.
Decentralized cryptocurrencies like bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation.
Google is doing its best to give their uses the best. Providing better services to their users is not the only goal of the company. They also see to it that their users do not only enjoy and have fun and be entertained with what Google can provide but also make sure that they are protected. Because of the company’s policies that they keep upgrading, their users can be assured of their security and protection. The company is doing all it can to satisfy its users.