Twitter is reportedly following in the footsteps of Facebook and Google in banning the majority of ads relating to cryptocurrency products, services, and advice, according to Sky News. The publication says the decision comes “amid looming regulatory intervention in the sector.”
Sky’s sources say Twitter will introduce a worldwide ban on advertisements for initial coin offerings, cryptocurrency wallets and token sales within the next two weeks. The microblogging site might also prohibit ads for currency exchanges, though there will be some “limited exceptions.”
Back in January, Facebook banned ads for financial products and services that are frequently associated with deceptive or misleading promotional practices, including binary options, ICOs, and all cryptocurrencies.
Last week, Google announced it was implementing a similar ban on all online ads promoting cryptocurrencies and initial coin offerings starting in June.
There haven’t been any reasons given as to why Twitter might be introducing the policy, but, as is the case with Google and Facebook, it’s likely to be a way of protecting users from risks such as shady ICOs and scams.
Twitter earlier this month said it was taking down scam accounts that impersonate high-profile users, such as Elon Musk and John McAfee, which ask for people to send them cryptocurrency in order to receive a larger amount back later. Those behind the profiles often try to trick victims by using a slightly different spelling of a person’s name, or a similar avatar. Even without the blue tick verification mark, there were still those who sent in their crypto.