Twitter Follows Facebook and Google with a Ban on Digital Currency Advertising
As of March 27th, 2018, Twitter becomes the third social media giant to ban digital currency and ICO advertising. The ban will cover token sales, exchanges, and wallet services, but exclude public companies listed on major stock markets.
The move follows rumours last week that Twitter would follow Facebook and Google in a ban aiming to protect users from highly speculative and potentially fraudulent digital currency related firms.
“We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency,” said a Twitter spokesperson. “Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.”
A Twitter executive told Coinsquare News that this is not a full ban and that there are some exceptions, but offered no further comment.
Pressure to follow Facebook and Google
Twitter had indicated earlier in the month that it was taking measures to prevent digital currency related Twitter accounts from “engaging with others in a deceptive manner”. The social media platform received further pressure to follow the examples of Facebook and Google as regulatory attention mounts around the globe.
As yet, there is little in the way of a public announcement, with just a handful of official comments being made to news outlets. Twitter indicated yesterday to TechCrunch that it would immediately update its business advertising policy pages. At the time of writing the last update to these pages was still August 30th, 2017.
ICO’s, digital currencies, and related products and services may join an existing list of advertising prohibitions that includes tobacco and weapons. Or, digital currency products and services may be added to the restricted list which already includes certain financial services.
Existing advertising campaigns are likely to be removed by Twitter with immediate effect. Facebook has already banned similar advertising and Google’s policy of restriction will commence in June 2018.
The pressure on social media and technology giants like Twitter and Google to restrict advertising stems from government and global regulator concerns. Many regulatory bodies have issued warnings to investors on the high frequency of fraudulent products and services and exceptionally volatile nature of investments.
Regulatory frameworks to protect investors are missing
The digital currency and blockchain sector has yet to receive comprehensive regulatory frameworks, leaving credible digital currency and blockchain innovators competing with a high volume of less credible enterprises.
Investors and supporters of digital currencies are still largely on their own in assessing the credibility and potential success of any products or services in this booming asset class. Investors should always take a thorough approach when making investment decisions, especially after having viewed an advertisement.
Image credit: Twitter logo
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