Twitter Bans Cryptocurrency Ads to Prevent Fraudulent Transactions

Following the footsteps of Reddit, Google India and Facebook, micro-blogging platform Twitter will block cryptocurrency related advertisements starting today. According to reports, a new policy has been added for Twitter to ensure the safety of users in the community.

The Verge quotes, "Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally," the company added. Twitter also confirmed the news to Verge, that the policy will be fully enforceable among all the advertisers within a month. Reportedly, bitcoin fell 8 percent to below $8,000 following  Twitter's decision to ban cryptocurrency ads. The company further stated, “We know that this type of content is often associated with deception and fraud, both organic and paid, and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner.”

Last month, Facebook banned all ads, which promote cryptocurrency and earlier this month, similar stand was taken by Google, which  announced their decision to ban online advertisements promoting cryptocurrencies and initial coin offerings, as a part to crackdown on the marketing of an emerging breed of high-risk financial product.

It is expected that affiliate marketing companies will suffer huge damage because aggregators and affiliates providing services to the cryptocurrency arena will not be allowed to advertise on these tech platforms. Considering the dodgy image of bitcoins and ICOs, it doesn't come as a surprise that giants in this space want to avoid giving  publicity to potential fraud or large investor losses.

(With additional inputs from ANI)

(The above story first appeared on LatestLY on Mar 27, 2018 03:52 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).