Twitter to ban cryptocurrency ads as online crackdown widens

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Twitter is banning cryptocurrency adverts across its site from Tuesday, succumbing to mounting pressure to join Google and Facebook in a crackdown on the controversial promotions.

Starting from tomorrow, with Twitter has confirmed an official ban on any cryptocurrency-related ads.

Twitter's new policy will be rolled out over the next 30 days and will ban ads from cryptocurrency exchanges and cryptocurrency wallet services.

The Verge quotes, "Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally", the company added.

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The value of bitcoin dropped eight percent to $7,929 after the Twitter ad ban was announced, according to market data from Bloomberg.

"We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs)", Scott Spencer, Google's Director of Sustainable Ads, had said.

"With the increasing number of ICOs coming to market, it is an impossible task for anyone, much less platforms like Twitter or Facebook, to keep on top of which ICOs and cryptocurrencies are genuine versus frauds..." The price was further knocked down by news of Google and Facebook bans.

A Twitter spokesperson states that this action is due to the fact that most crypto related contents and ads are often connected to fraud and deception.

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"We are committed to ensuring the safety of the Twitter community", Twitter said in a statement. Last Monday, an operator of Cboe urged the U.S. securities regulators in a letter to the Securities and Exchange Commission (SEC) to consider approving cryptocurrency exchange-traded funds.

Other cryptocurrencies, or "alt coins", have also fallen double digits this year. The consensus is that such banning of cryptocurrencies and ICO ads will cripple the many fraudulent operations that are clogging up the crypto space.

The logo for Twitter is displayed above a trading post on the floor of the New York Stock Exchange on February 8.

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