Following Facebook and Google, new reports claim that Twitter may soon prohibit specific types of cryptocurrency ads on their social media platform.
Cryptocurrency has been a questionable choice to transact money as it provides complete anonymity when sending or receiving money. With lots of illicit activities taking place using Bitcoins and other popular crypto coins, Facebook took steps to ban advertisements that are used to lure unsuspecting users into a scam. Google followed suit and Twitter may be the third biggest social media giant to block specific ads to protect their users.
Twitter CEO’s Stand on Blocking Crypto Ads
While Twitter if forced to follow other technology giants and make decisions for the greater good, it also puts its CEO Jack Dorsey in an awkward position. Dorsey happens to be the CEO of Twitter as well as SquareInc, a company that deals with Bitcoin trading and possibly attract new investors to further support cryptocurrency. With increasingly annoying ICO ads, Bitcoin trade tips and promotions, Twitter users were largely annoyed by the trend. Dorsey in his earlier tweet confirmed that they are on it.
Instant buying (and selling, if you don’t want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.
We also made this! https://t.co/z3u0liDNk4
— jack (@jack) January 31, 2018
Going by the recent reports, it looks like Twitter’s CEO will soon make a choice and decide to block a range of Crypto ads on the website as it’s vital to secure the reputation of the platform. He should also make the decision so as to not isolate Twitter from Facebook and Google as these major companies are always expected to reciprocate the sentiments of their users.
Crypto Ads Will be Banned Soon
Based on a report by Sky News, Twitter is about to launch a new advertising policy within two weeks. The policy will strictly ban various types of cryptocurrency advertisements on the platform including Initial Coin Offerings ICOs, selling tokens to support a new coin and cryptocurrency wallets. The ban will be implemented globally so as to curb scammers and other illegal agencies from luring innocent victims into making crypto investments.
The report further adds that Twitter will also ban ads of most crypto exchanges while some legit companies will be allowed to continue advertising. The announcement comes a couple of weeks later after Facebook made its stand on Cryptocurrency in January by banning most misleading ads and Google made their announcement last week.
A number of reasons are being cited to bring cryptocurrencies under legal monitoring including wallet theft, ICO scams and transaction of illegal money which are at times used for financing terrorists.