Twitter announced recently that it will ban advertising for cryptocurrencies. It will join advertising bigshots like Google and Facebook in a large crackdown which aims to protect people from fraud. Being lured into cryptocurrency fraud is common nowadays.
“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 Twitter spokesperson told CNBC Monday. “Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.”
Bitcoin prices fell near the $7,000 after the news but then recovered $700 within three hours the same day.
This shows how Twitter is changing its policy regarding advertising revenue.
The world’s largest online ad provider, Google, announced an update to its financial services policy earlier in March that restricts advertising for “cryptocurrencies and related content” starting this June.
Bitcoin saw a decline of 12 percent in late January after social media giant, Facebook, said it would ban all ads that promote cryptocurrencies to prevent the spread of what it called “financial products and services frequently associated with misleading or deceptive promotional practices.”
The U.S. Securities and Exchange Commission has stepped up efforts to police the fundraising process through scores of subpoenas reported earlier in March. In 2017, the Chinese government banned initial coin offerings outright.The Twitter news was a “non-event” for cryptocurrency markets, according to Brian Kelly, founder and CEO of BKCM.
“There is not a discernible catalyst on either side of the market so we are just drifting lower,” Kelly said. “The biggest potential short-term catalyst is increased trading in South Korea as that government re-embraces crypto.”
Read: Cell phones see an increase in import of 14.51 percent in the country
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