Wednesday, 17 October, 2018

Twitter announces a ban on cryptocurrency ads

Twitter to prohibit cryptocurrency ads on its platform Twitter announces a ban on cryptocurrency ads
Oscar Goodwin | 27 March, 2018, 18:46

Bitcoin fell roughly 7 percent Monday to below $8,000 following weeks of regulatory uncertainty and advertising crackdowns by tech companies.

Banning cryptocurrency-related ads follows Facebook and Google's announcement that they would ban advertisements for cryptocurrencies and other "speculative financial products" across their ad platforms.

"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 financial consultancy Kapronasia.

The prohibition will cover advertising of initial coin offerings (ICOs) - crowdfunding used to raise cash by creating new coins - as well as token sales and crypto-wallet services, the San-Francisco-based firm told Reuters. "As such", the statement read, "we have revised our policy to ban any ad that is related to cryptocurrencies".

The ban won't affect public companies listed on certain stock markets. This decision will ensure the safety of the Twitter community. All advertisers will be affected by the new policy. However, if significant regulatory action is taken by the U.S., the major cryptocurrencies could see a dramatic market decline.

Starting from tomorrow, with Twitter has confirmed an official ban on any cryptocurrency-related ads. Banning ads is seen as cutting off the oxygen to the crypto bad actors, which will help legitimate enterprises. Hyping up cryptocurrencies and creating pump and dump schemes via online social media like Twitter and Telegram has been one of the main strategies that some individuals use to generate quick profits on the crypto market.

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.

Rumors initially circulated earlier last week that Twitter would ban such ads.

Images courtesy of Pixabay and Shutterstock.

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