Cryptocurrency has been in the news (and the wars) recently. The latest peak of Bitcoin saw it take more than just international attention. Investment pundits came out with various opinions about the future of money, and how it was either doom and gloom or sugar and spice going forward. As governments look to regulating cryptocurrencies, internet giants have started taking the ban hammer to bad cryptocurrency ads.
The latest making this move will be Twitter. The company confirmed to The Verge that it would be blocking ads relating to cryptocurrencies from 27 March 2018. This move brings it in-line with other popular internet domains like Facebook, Google and Reddit. Rumours of the move began circulating some time this month, when Twitter began removing accounts that impersonated famous technology figures to try and encourage people to visit cryptocurrency exchanges and initial offerings.
Twitter says that its bad cryptocurrency ad ban hammer is aimed at discouraging opportunities for fraud on its platform. The company says that “(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. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.”
One of the biggest problems for Twitter was a dark corner of the site known as ‘Crypto Twitter’, where unscrupulous users tried to evangelise Bitcoin (or various other alternative coins), hype up the value of cryptocurrency in general or lure people into less than reputable initial coin offerings. It was also the source of news and rumours. We all know how rumours become fact to a lot of people who don’t know how to fact check.
Twitter’s policy page will get an update, and the bad cryptocurrency ad ban starts happening once that’s been done. Within the next thirty days, the ban will be in force over the entirety of Twitter. All sales and initial coin offerings will be banned, but reputable exchanges and wallets that are listed on stock markets can still be advertised.