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article imageTwitter reported as planning to ban cryptocurrency and ICO ads

By Ken Hanly     Mar 19, 2018 in Internet
Twitter is reported by Sky News to be following in the footsteps of Facebook and Google as it plans to ban advertisements for cryptocurrencies and initial coin offerings (ICO).
Twitter had earlier moved to stop cryptocurrency scams by closing accounts that impersonate celebrities while asking for small amounts of cryptocurrency.
Extent of ban
As well as banning ICOs and coin ads, the new policy is also said by Sky News to ban ads for token sales, and cryptocurrency wallets. Twitter might also ban ads for cryptocurrency exchanges but with some exceptions.
The ban could begin within two weeks.
In an email response to Coindesk on the issue, a Twitter representative would not comment for now but also would not deny the Sky News report.
The ban follows upon remarks by CEO, Jack Dorsey the founder of Twitter announcing that the firm would be doubling down on efforts to tackle crypto scammers on the platform.
Facebook also bans crypto area ads
In January, Facebook banned all advertisements for cryptocurrency, including bitcoin and ICO's. The move was part of a broad policy directed against deceptive marketing. In a blog post, Rob Leathern the product management director said that Facebook would no longer accept ads that "promote financial products and services that are frequently associated with misleading or deceptive promotional practices."
Leathern wrote: “We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs, and cryptocurrencies that are not currently operating in good faith. This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up...We will revisit this policy and how we enforce it as our signals improve.”
Google too will ban crypto ads
Google announced that it would ban all ads the promote cryptocurrencies and ICO's. The move was announced as an update to their policy which also includes a ban on ads that promote other risky financial products. Ads for aggregators and affiliates, the policy states, will no longer be able to display "cryptocurrencies and related content".
The new Google policy is to begin in June.
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