Following Facebook and Google’s footsteps, according Sky News. Twitter is planning to ban advertisements for cryptocurrencies and initial coin offerings (ICOs).
Earlier this year in January, in an effort to combat deceptive marketers, Facebook prohibited ads for currencies such as Bitcoin and other crypto currency while last week Google followed and announced its intention to ban all cryptocurrency ads on their site.
Sky News reportedly (via Engadget) , that the new Twitter advertising banning policies for ICOs to token sales and cryptocurrency wallets will commence worldwide. The report also added that the site might also ban ads for cryptocurrency exchanges, but with some possible exceptions. The ban could begin in as soon as two weeks.
This isn’t the first set of steps that Twitter has taken to stop deceptive cryptocurrency scams: it says that it will start taking down accounts that ask for small amounts of a cryptocurrency while impersonating celebrities such as Ethereum co-founder Vitalik Buterin, Elon Musk, or John McAfee. In which , the scammers will change slight misspelling of an impersonated account username or similar avatar of a verified account then ask followers to send small amount of a currency in order to receive a bigger amount back.
Google on its own says “We don’t have a crystal ball to know where the future is going with cryptocurrencies, 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.” This goes to say even as big tech companies now decide to ban cryptocurrency ads, there’s still room for a cautious reversal in future should things start to change for the better on that front.
Facebook said back in January that “We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception”. It’s all about scam and online fraud. This is why some have called for regulation by government authorities and while some have responded like Australia, others like the US and majority of the European powerhouse remain sceptical.
According to CNBC, Google and Facebook already reportedly control nearly three-quarters of all US online advertising. Twitter’s ads share is a mere fraction of that, but with every major company that ditches on the market, the crypto world gets hedged in a little further.