Twitter To Ban Cryptocurrency Adverts On Its Platform
- Author: Anthony Vega Mar 29, 2018,
Mar 29, 2018, 1:27
However, reports suggest that the ban won't harm them since just 1 per cent of their traffic is via such paid ads.
For Japan, these will be limited to crypto exchanges regulated by its national financial regulator, Twitter said.
Bitcoin fell nearly five percent on Monday to $8,062 on the Luxembourg-based Bitstamp exchange.
The new Twitter policy will come into effect as of March 27th, 2018 and will see cryptocurrency related ads included on Twitter's list of restricted financial services.
Last week it was reported by EthereumWorldNews, that Twitter was planning on banning advertisements related to digital currencies, ICOs, and token sales.
Twitter followed the lead of Google and Facebook, which earlier this year cracked down on digital currency ads to protect users from being duped.
Twitter will update its policy page today, start rolling out the new ban tomorrow, and reach everyone over the next 30 days. Obviously, Twitter doesn't want to risk advertising potentially fraudulent ICOs on its very popular platform, so this ban certainly makes sense when you look it at that way.
"This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices".
"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 Kapron. "The biggest potential short-term catalyst is increased trading in South Korea as that government re-embraces crypto", he said.
The decision comes after weeks of speculation that the social media platform would begin blocking ads for cryptocurrency exchanges, initial coin offerings (ICO), cryptocurrency wallets, and crypto token sales. "Anything actually useful in the crypto world does not like to pay for ads (would have to out-bid the scammers)".