Published: Tue, March 27, 2018
Hi-Tech | By Preston Stone

Twitter joins Facebook and Google in banning cryptocurrency adverts

Twitter joins Facebook and Google in banning cryptocurrency adverts

Bitcoin dropped by 5% to record $7,989 while Ethereum lost 10.4% of its value reaching $459 following Twitter's revelation about a ban on cryptocurrency ads.

Following in the footsteps of the two other social web behemoths, Google and Facebook - and following a week of rumours - Twitter has now confirmed that it will ban adverts for Initial Coin Offerings and certain other cryptocurrency services in order to protect its users from scams.

In January, social media giant Facebook banned all ads promoting cryptocurrencies, including Bitcoin and ICOs.

Google is expected to implement its new financial products policy from June, which will prohibit advertisements related to the cryptocurrency market. "We will continue to iterate and improve upon this policy as the industry evolves". Twitter's new policy, however, will not affect cryptocurrency secure wallets or exchange services offered by any public company that is listed on the major stock exchange markets.

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In a confirmation made to Reuters and The Verge, a Twitter spokesperson stated, "We are committed to ensuring the safety of the Twitter community". However, if significant regulatory action is taken by the USA, the major cryptocurrencies could see a dramatic market decline.

Curiously, that would bar firms such as the largest USA -based exchange Coinbase from advertising on the platform, while presumably still allowing Twitter's sister company, Square, to advertise its young Bitcoin buying and selling function on its Cash app.

Rumors initially circulated earlier last week that Twitter would ban such ads. Ethereum is down to $475, representing a near 10.30 percent drop, whereas, ripple has declined by almost 10 percent and is trading at $0.586827.

Advertising of cryptocurrencies has boomed as demand for investing in them soared, with everything from London's transport network to Japanese television featuring adverts for the virtual coins or ways to trade them. Last Monday, an operator of Cboe urged the U.S. securities regulators in a letter to the Securities and Exchange Commission (SEC) to consider approving cryptocurrency exchange-traded funds.

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