Twitter to Ban Cryptocurrency Ads
Editor’s note (30th January 2019): The rumours below have been confirmed by Twitter one week later, find our report about the Twitter Ban here.
Twitter s reportedly planning to ban all cryptocurrency ads in two weeks. According to Sky News, the new policy will affect cryptocurrency wallets, cryptocurrency exchanges, initial coin offerings with some exceptions. This comes hot on the heels of similar bans by Facebook and Google.
Twitter has neither confirmed nor denied the reports.
The social networking site has lately been swarmed by crypto ads especially after the Facebook ban earlier this year. Twitter is particularly popular with celebrities because of its wide reach. Some of them extensively use the network to promote cryptocurrencies.
Although no reason has been cited, the move is likely taken in a bid to rid the site of scammers. In a statement, Google said it was banning all cryptocurrency ads to protect users from deceptive promotional material. The Google ban takes effect from June.
Twitter CEO Jack Dorsey had earlier this month indicated the company would take action on scammers. Some accounts have already been restricted and at one point the support team for Kraken was affected. Certain accounts have been shadow-banned meaning they are unviewable by others. The restrictions have typically attracted the ire of the cryptocurrency community.
Meanwhile, major cryptocurrencies rallied on Monday’s trading despite the negative news. Bitcoin gained an average 7% to trade at $8,306 at 13.06 UTC. Ethereum gained nearly 6% while Ethereum went up by about 10%. NEO gained at least 15%.
Positive sentiment on cryptocurrency regulation in the lead up to the G20 summit in Buenos Aires has given the market the much needed adrenaline shot.
One of the biggest gainers is Cardano which appreciated 20% and Stellar at 27%.
The market performed dismally the previous week amid increased regulatory scrutiny. By Sunday, Bitcoin has dipped below $7,500 as it felt the full effect of news about the impending Google ban.