Just over a week ago, Twitter started crackdown against crypto scammers, where the company started deleting fake accounts from its platform which were misleading many users to fall victim of a crypto scam. And now, the company might be looking forward to banning most of the cryptocurrency and ICOs (Initial Coin Offerings) advertisements on its platform, as reported by Sky News.
The news outlet reports that Twitter might also ban ads for cryptocurrency exchanges, but with some possible exceptions. In addition, the possible ban in sight would include ads for ICOs, token sales, and crypto wallets. It must be noted that the ban is expected to be imposed in next two weeks.
It must be noted that search giant Google and social networks like Facebook and Google have been one of the major sources for crypto and ICOs companies to reach maximum people to introduce their platforms and offers. Facebook revised its advertisement policies for financial services, which resulted in a ban on ads of most of the crypto exchanges, ICOs, and binary options (mainly of those found involved in misleading or deceptive promotional practices). Google followed by announcing a ban on all crypto and ICOs adsstarting from June this year.
It must be noted that Twitter has not officially confirmed the news on crypto/ICO ads ban, however, the company has certainly experienced an influx of fake accounts pretending to advertise cryptocurrency giveaways, by impersonating themselves as Ethereum co-founder Vitalik Buterin, for instance.
Bitcoin and almost all other cryptocurrencies are already having a bad time after a warning by the US commission SEC that crypto exchanges must register themselves. Bitcoin is trading close to $8,300 (as of writing) recovering some value after it went below $7,500 on Sunday. The question is what would be the future of the crypto world if it will keep facing huge blows from the already established tech giants.