Bitcoin Dips as Twitter Follows Google, Facebook in Ditching Cryptocurrency Ads
27 March, 2018, 18:49 | Author: Arnold Gilbert
Social networking giant Twitter has confirmed that it will be banning advertisements for initial coin offerings (ICOs) and token sales on its platform, as part of a crypto crackdown aimed at protecting users/investors from fraud and scams.
The move comes after Twitter said it would take measure to prevent crypto-related accounts from being deceptive to users, but has since chose to follow in the footsteps of both Facebookand Google. "As such we have added a new policy for Twitter Ads relating to cryptocurrency", they said. The new policy prohibits ads for initial coin offerings, in which a startup issues a currency that can be used to buy services with the company. Cryptocurrency wallet services and exchanges that are publicly listed on "certain major stock markets" will be allowed to continue advertising their services.
Bitcoin fell nearly five percent on Monday to $8,062 on the Luxembourg-based Bitstamp exchange.
Italy's central bank leader told reporters after the meeting that cryptocurrencies pose risks but should not be completely banned, according to Reuters. When we take all of these bans together, it certainly seems like Twitter is about to purge the majority of cryptocurrency advertising from its platform. Facebook was then followed by Google, which plans on enacting their ban in June. For Japan, the restrictions will be limited to crypto exchanges regulated by its national financial regulator, Twitter said.
Do you agree with Twitter's decision to join the cryptocurrency ads ban bandwagon?
While critics call cryptocurrencies a Ponzi scheme that will end in tears for most investors, supporters say the coins are backed by powerful new technology that can replace traditional fiat currencies and upend the existing banking system.
Bitcoin (BTC) was down around 8% following the news, according to Coincompare, dipping back below the $8,000 dollar mark after a brief spike overnight (UK) had sent it up over the $8,100 mark. Regardless of the move, the main source of worry for the crypto industry on Twitter have been fake accounts. However, if significant regulatory action is taken by the U.S., the major cryptocurrencies could see a dramatic market decline.
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