Date
15 October 2018
Twitter's ban on cryptocurrency advertising will cover initial coin offerings. Photo: Bloomberg
Twitter's ban on cryptocurrency advertising will cover initial coin offerings. Photo: Bloomberg

Twitter to ban cryptocurrency ads, joining Facebook, Google

Twitter will start banning cryptocurrency advertising from Tuesday, joining Facebook and Google in a clampdown on sales pitches that may involve potential fraud or cause large investor losses.

The prohibition will cover advertising of initial coin offerings (ICOs) as well as token sales, Reuters cited the San Francisco-based firm as saying.

The new policy, which will be rolled out over the next 30 days, will also ban ads by cryptocurrency exchanges and cryptocurrency wallet services, unless they are public companies listed on certain major stock markets, according to the report.

For Japan, these will be limited to crypto exchanges regulated by its national financial regulator.

Twitter said earlier this month that it was taking measures to prevent crypto-related accounts from “engaging with others in a deceptive manner”, but faced calls to go further after bans from Facebook and Google.

Facebook has restricted crypto-related adverts, while Google announced a ban that comes into force in June.

Bitcoin price fell as much as 6 percent on Monday after the Twitter announcement, slipping below the US$8,000 mark.

The virtual currency has lost more than half its value from a December peak of almost US$20,000 as fears of a regulatory clampdown spooked investors.

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RC

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