Twitter announced it will block ads for cryptocurrencies and ICOs, joining Google, Facebook, Snapchat and Linkedin in a massive crackdown.
The new policy will be fully deployed within the next 30 days.
“We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency,” a company representative explained CNBC. “Under this new policy, the advertisement of Initial Coin Offerings and token sales will be prohibited globally.”
He added that “this type of content” is often associated with fraud and deception, and Twitter is making this decision in order to protect users.
Twitter has joined the general trend of banning ads for cryptocurrencies. In March Google banned ads for “cryptocurrencies and related content”. Google is planning to fully implement this policy till June 2018. Earlier, Facebook announced that it is now banning any advertising for digital currencies and token sales. This announcement made bitcoin fall 12 percent.
Yuri Pripachkin, head of Russian Association of Cryptocurrency and Blockchain, had recently announced that the Association is planning to collectively file a lawsuit against Google and Facebook and other media leaders, banning cryptocurrency ads. According to Pripachkin, their advertising policies significantly limit investors’ access to information. “All the steps taken are pointing to a cartel collusion in order to forcefully slow down the development of the industry,” Pripachkin claimed.