Twitter Bans Cryptocurrency Ads on Fraud Fears

Twitter Bans Cryptocurrency Ads on Fraud Fears

The main reason for fall in the cryptocurrency market is that Twitter announced that it would ban advertising for cryptocurrencies, following Google and Facebook's crackdown that aims to protect investors from fraud.

The move comes after Twitter said it would take measure to prevent crypto-related accounts from being deceptive to users, but has since made a decision to follow in the footsteps of both Facebook and Google.

Twitter has stated it will put a ban on cryptocurrency advertising starting on Tuesday. All ICOs and token sales will be prohibited with the restriction exempting firms that are providing cryptocurrency exchange or wallets services to only listed public companies on major stock markets. 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.

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Reuters first reported the ban. For Japan, advertisements governing banking, securities, foreign exchange, virtual currency exchange trading and insurance must be authorized by the Financial Services Agency. 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. As such, we have added a new policy for Twitter Ads relating to cryptocurrency.

Google's ban on such advertisements would come into force from June.

With a low barrier of entry - only requiring a few lines of code to operate - cyber-criminals are harnessing stolen processing power and cloud CPU usage from consumers and enterprises to mine cryptocurrency.

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The move was aimed at tightening the noose around cryptocurrency-linked ponzi schemes, that flourished amid surging popularity of cryptos like Bitcoins. However, if significant regulatory action is taken by the USA, the major cryptocurrencies could see a dramatic market decline.

The logo for Twitter is displayed above a trading post on the floor of the New York Stock Exchange on February 8. The increasing number of Initial Coin Offerings makes it impossible for anyone to know which cryptocurrencies and ICOs are genuine and which ones are frauds.

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