Twitter is banning cryptocurrency adverts across its site from Tuesday, succumbing to mounting pressure to join Google and Facebook in a crackdown on the controversial promotions. This was after Twitter said publicly that it was aiming to prevent crypto-related accounts from "engaging with others in a deceptive manner".
Earlier this month, Twitter CEO Jack Dorsey acknowledged that the company was facing an issue wherein copying verified Twitter accounts to trick cryptocurrency users was becoming increasingly prevalent. The search giant said that it will restrict cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice). "As such, we have added a new policy for Twitter Ads relating to cryptocurrency", a Twitter spokesperson told CNBC Monday.
Following the footsteps of Reddit, Google India and Facebook, micro-blogging platform Twitter will block cryptocurrency related advertisements starting today.
Twitter's move copies that of Facebook and Google who have taken similar steps to ban cryptocurrency-related adverts.
A powerful Congressional committee has summoned the CEOs of the top three tech giants-Facebook, Twitter and Google-to testify next month about United Kingdom communications firm Cambridge Analytica's misuse of private data from up to 50 million user profiles. This announcement negatively affected the price of Bitcoin.
Twitter will start banning cryptocurrency advertising, joining Facebook and Google in a clampdown that seeks to avoid giving publicity to potential fraud or large investor losses.
Reuters notes that Bitcoin's value fell by more than half after it peaked in December at almost $20,000, after regulators issued warnings that the currency is "highly speculative and some sources of it could be fraudulent". At the time of publishing, bitcoin has seen a more than eight percent drop in value, and has fallen below $8,000, at $7,935.
Trey Ditto, CEO of Ditto a marketing firm that specializes in cryptocurrency, blockchain and ICOs, believes these blanket bans will be adjusted in the weeks to come with much more specific language around what is and isn't legal.