Bad news for crypto promoters! The giant social media platform- Twitter is planning to ban the cryptocurrency and ICO advertisements as a result of the measures taken by Facebook and Google.
An announcement was reported on 18th March 2018 by Sky News. They stated that the U.S.- based networking platform plans to modify their policy regarding crypto ads. The changes will be completed within the next 2 weeks. Additionally, even ads related to crypto wallets and exchanges will be forbidden.
“Sky News understands that the new advertising policy will be implemented in two weeks and currently stands to prohibit advertisements for initial coin offerings (ICOs), token sales, and cryptocurrency wallets globally.”
“Twitter may also ban all ads for cryptocurrency exchanges, with some limited exceptions, when the policy is launched”, according to Sky News.
Being asked by CoinDesk, a Twitter representative stated that “the company would not comment for now, but also did not deny the report”.
Somehow, this decision was awaited by many users, given that Twitter has become a very popular platform and we are not talking only about the blockchain industry. There are numerous businesses that promote their products and services on social media.
Two weeks ago, numerous Twitter accounts were shadowbanned. They all had something in common: they were promoting cryptocurrencies. The Twitter’s reason was the growing number of the ghost accounts that manage scams attacks and lead to money laundering or falsification of personal information.
We also want to remind you that Google officially has announced last week about the prohibition of advertisements related to the promotion of cryptocurrency and ICOs. After an officially report was done, the Google’s team found over 3,2 billion ads that have violated the policy in force.
Talking for CNBC, the Director of sustainable ads at Google, Scott Spencer explained that “We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
The announcement of the online giant platform Twitter will definitely disappoint a lot of users however, the decision was taken in order to protect them from possible violations of public policy.