Twitter to ban cryptocurrency ads
"We will continue to iterate and improve upon this policy as the industry evolves". As it turns out, that isn't the only thing Twitter is going to do to cut back on the amount of cryptocurrency spam on its platform, as it will soon be restricting certain ads as well.
Twitter said this month it was taking measures to prevent crypto-related accounts from "engaging with others in a deceptive manner", but it has faced calls to go further after bans by Facebook and Google. Rumors initially circulated a week ago that Twitter would ban such ads.
Bitcoin price fell as much as 6 percent on Monday after the Twitter announcement, slipping below the US$8,000 mark.
Under the new policy, the advertisement of ICOs and token sales will be prohibited at the global one-to-many messaging platform. Figures that were being impersonated included Vitalik Buterin, Elon Musk, and Justin Sun, to name a few.
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Twitter's new policies are created to discourage opportunities for fraud and deception, as users navigate "Crypto Twitter".
Bitcoin being the top crypto has undergone a great fall this week. It's also an important source of news and whisperings.
Twitter's financial services policy has already been updated to reflect the ban.
The main reason for fall in the cryptocurrency market is that Twitter announced that it would ban advertising for cryptocurrencies, following Google and Facebook's crackdown that aims to protect investors from fraud. Namely, the social media company plans to prohibit initial coin offerings and token sales, and it plans to only show ads of exchanges or wallets provided by companies listed on major stock exchanges. "The policy will be fully enforceable among all advertisers within a month", Twitter confirmed to The Verge. Most cryptocurrency exchange sites instead derive their traffic from coinmarketcap.com, which tracks market capitalization numbers, not from paid ads.
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