Twitter announces a ban on cryptocurrency ads

29 March, 2018, 02:26 | Author: Sergio Cook
  • Twitter will start banning cryptocurrency ads tomorrow

Facebook has limited its cryptocurrency-related ads in February, and Google earlier this month announced a ban that enters into force in June. This was after Twitter said publicly that it was aiming to prevent crypto-related accounts from "engaging with others in a deceptive manner".

The value of bitcoin dropped eight percent to $7929, after the Twitter ad ban was announced, based on market data from Bloomberg.

Amidst reports of misuse of consumer data, a powerful Congressional committee has summoned the CEOs of top three social media platforms: Mark Zuckerberg of Facebook, Indian-American Sunder Pichai of Google, and Jack Dorsey of Twitter for a hearing on data privacy.

Last week it was reported by EthereumWorldNews, that Twitter was planning on banning advertisements related to digital currencies, ICOs, and token sales. Twitter will limit advertisement for crypto exchanges in Japan to those under the purview of the Financial Services Agency (FSA).

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The Commerce Department said the decision came after a "thorough review" of the request from the Justice Department. The Justice Department has also sued California over its so-called sanctuary policies to protect immigrants.

Following the footsteps of Reddit, Google India and Facebook, micro-blogging platform Twitter will block cryptocurrency related advertisements starting today. "The policy will be fully enforceable among all advertisers within a month", Twitter tells The Verge. "We will continue to iterate and improve upon this policy as the industry evolves", a statement from Twitter provided to VentureBeat read.

The news saw bitcoin fall below $8,000 again for the first time since March 18.

News of the ban sent the world's biggest digital currency by market value, Bitcoin, down more then 6pc, below $8,000. Bitcoin is sliding 6 percent today, approaching the $8,000 level, and is down more than 50 percent from an all time high of nearly $20,000 in December.

The rare announcement sent Facebook's stock tumbling - at one point Monday morning down more than 6 percent - as the company faced potential new punishment by the USA government, including fines that could reach well into the millions of dollars. This is the real asset of Twitter that the community is using and the ban on advertising is not in any way going to change that.

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