Twitter to Ban Cryptocurrency Ads

article by Christina Williams
May 29, 2018
Twitter is now banning cryptocurrency ads. The social media network’s new policy prevents ads for Initial Coin Offerings (ICOs), exchanges, and other cryptocurrency services.

“We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally,” the company told TechCrunch. “We will continue to iterate and improve upon this policy as the industry evolves.”

The update is their ads policies has seen since August of last year. The company has been criticized for displaying cryptocurrency ads despite the concerns of regulators. Many feel that the virtual currencies are susceptible to risks, like crypto-mining and other risks.

Twitter has also been taking other steps to prevent cryptocurrency scams. In March, the company began to suspend users for soliciting the virtual currencies.

“We’re aware of this form of manipulation and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner,” a Twitter spokesperson said.

Despite this move, the company was still hesitant to block the controversial cryptocurrency ads. However, their decision to make the change makes sense. Their competitors, Facebook and Google, moved to ban the controversial ads.

“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies,” Scott Spencer, a Google Executive, told CNBC. “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.”

Even though Twitter has banned ads that deal with Initial Coin Offerings and crypto sales, many fear that other ads for services, like exchanges and wallet services, may slip through.Twitter claims that it will continue to monitor its ad policy over time.

 

Source: TechCrunch