- Reports say that the microblogging site will follow Facebook and Google in banning a huge number of cryptocurrency ads.
It seems that the space for those who seek to publish cryptocurrency ads in the World Wide Web is getting smaller and smaller. The first major social media platform to ban cryptocurrency ads was Facebook. This ban caused such a huge blow to the cryptocurrency industry causing prices of major coins, like bitcoin, to plummet. Following Facebook’s ban, internet giant Google followed suit. Now, reports are coming out that Twitter, the popular microblogging site, will be soon imposing its own ban on cryptocurrency ads.
New Advertising Policies
Twitter is reportedly planning to impose a new advertising policy that will take effect in a couple of weeks. The new ad policy will be banning cryptocurrency ads for ICOs, token sales and wallets and will be on a global scale.
It appears that cryptocurrency exchanges will be banned from advertising on Twitter as well. But, there will be some limited exceptions especially to licensed cryptocurrency exchanges.
The ad ban comes as a surprise since Jack Dorsey, Twitter CEO, has added Bitcoin to its trading platform just recently. Dorsey is a Bitcoin supporter and has even made investments in Lighting Labs, the group behind the Lightning Network.
Surprising, But Not Unexpected
While the ad ban may have taken a lot of cryptocurrency advocates and companies by surprise, this is actually not an unexpected development. The ban was already expected given the enormous pressure Twitter had to face due to Facebook and Google’s actions.
Additionally, Twitter has been dealing with a lot of fake accounts that spread cryptocurrency-related scams.
Crypto-scams have reached overwhelming figures recently. It is almost impossible to talk about cryptocurrency without having some spammer butt in, pose of as a crypto celebrity and/or try to collect coins from people promising easy gains in return. ]]
Others may argue that Twitter’s banning campaign and other similar banning operations fly in the face of the decentralized nature of cryptocurrency. But, the real reason as to why major social media platforms like Facebook and Google are pushing these campaigns is to wash their hands off any liability when it comes to scams. There are a lot of lucrative opportunities to get rich with cryptocurrency on the internet, but the World Wide Web is rife with scams as well. Google, Facebook and Twitter simply don’t want to be on the receiving end of lawsuits over scam ICOs that were allowed to advertise on their platforms.
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