Thursday, 26 April, 2018

Twitter to ban cryptocurrency ads

Twitter to prohibit cryptocurrency ads on its platform Twitter will start banning cryptocurrency ads tomorrow
Olivia Ford | 29 March, 2018, 02:24

Twitter joins social media giant Facebook and Google, the world's largest online ad provider, both of which have banned cryptocurrency and ICO ads from their platforms. Facebook banned cryptocurrency ads in January and Google said it would outlaw such ads starting in June.

Twitter states that the new policy will be fully enforced within the next 30 days. In a move that had been expected for a fortnight, the company announced that it would remove all cryptocurrency ads "to ensure the safety of the Twitter community".

The new policy leaves open the door for ads for cryptocurrency exchanges or secure "wallet" services offered by public companies listed on some major exchanges.

Social media platform Twitter is to start banning cryptocurrency advertisements from tomorrow.

6% drop was seen of bitcoin dropping to lowest $7800.

Since the ads were running relevant to the cryptocurrency, promoting the ICOs (Initial Coin Offering).

The policy will also ban adverts from crypto-exchanges, with some limited exceptions.

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. "We will revisit this policy and how we enforce it as our signals improve", Facebook's ad tech director wrote in a blog post.

Reuters notes that Bitcoin's value fell by more than half after it peaked in December at almost $20,000, after regulators issued warnings that the currency is "highly speculative and some sources of it could be fraudulent". Bitcoin approached the $8,000 level today and has decreased in value dramatically since December when it hit an all-time high of $20,000.

Facebook got into this mess after it was revealed earlier this month that data had been harvested from over 50 million users by a psychology professor.

Additionally, Facebook, Google, and Twitter are not the only companies that may have grossly exploited users' data or may have done a poor job of protecting users' data when sharing it with their advertisers or other third-parties.

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