MUMBAI: Twitter has officially banned cryptocurrency ads, both initial offerings and sales of virtual currency tokens. Following the announcement, the bitcoin value crashed 8 per cent to $7929. Aligning itself with other major companies like Facebook and Google, Twitter has taken the stand to protect its users from being duped.
In a statement, the social networking site said it was committed to ensuring the safety of the community. Twitter said,"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."
Starting today all such ads will be banned. Earlier in March, Twitter started purging itself of accounts that were soliciting cryptocurrency exchanges in the name of famous personalities like Elon Musk, John McAfee, etc. In the next one month, all users will be informed of the new policy.
The exceptions are major public listed companies that deal in cryptocurrency or even secure wallet services who will be allowed to advertise.
Cryptocurrency organisations don’t work with banks or governments and instead use blockchain technology where these digital coins are created by supercomputers. However, reports suggest that the ban won’t harm them since just 1 per cent of their traffic is via such paid ads.
Reddit banned the ads in 2016 followed by Google and Facebook recently
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