We have seen a cryptocurrency boom where thanks to the success of Bitcoin, other versions have erupted and now we have a ton of cryptocurrencies to choose from. We have also seen other developments like ICOs (Initial Coin Offerings) which corporations and individuals have used to raise funding.
However, the cryptocurrency boom has not been without its issues. We have seen several reports of scams in the industry which has led to people losing money. Some of these scams are advertised across social media and it led to these companies to take action.
Now Twitter is joining Google and Facebook in banning cryptocurrency ads on its network. They confirmed this move to the Verge.
“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,” they said. “Under this new policy, the advertisement of Initial Coin Offerings and token sales will be prohibited globally.”
Twitter has already added cryptocurrency ICOs and token sales to the list of financial services ads that are restricted in a way on the network. Twitter will be roll out this policy change from today and will reach everyone in the next 30 days
It is great that social networks and search engines like Google are taking a hard stance against paid promotions of cryptocurrencies across the web. This is usually to prevent the gullible portion of the audience who might be tricked into investing in something that could hurt them later on.