Twitter Confirms Crypto Ad Ban Starts Today

29 March, 2018, 02:25 | Author: Simon Thompson
  • What Clampdown?       Initial coin offering funding is soaring even as regulators tighten grasp              Source Coin Desk

The other financial products and services that are prohibited from advertising/ being advertised are banking services and banking institutions, loan products and services, mobile and electronic payments, mortgages and related services, including debt relief or assistance services, investment advice, investment opportunities, and offers to increase wealth, insurance products and services and securities.

Amidst reports of misuse of consumer data, a powerful Congressional committee has summoned the CEOs of top three social media platforms: Mark Zuckerberg of Facebook, Indian-American Sunder Pichai of Google, and Jack Dorsey of Twitter for a hearing on data privacy.

Italy's central bank leader told reporters after the meeting that cryptocurrencies pose risks but should not be completely banned, according to Reuters.

Bitcoin fell nearly five percent on Monday to $8,062 on the Luxembourg-based Bitstamp exchange. Twitter Inc. confirmed on Monday it's banning advertisements for initial coin offerings and token sales on its platform, joining Facebook Inc. and Alphabet Inc.'s Google on the list of tech giants keeping cryptos at bay.

The San Francisco-based firm will this week launch a policy that prohibits advertising of initial coin offerings (ICOs), a form of crowd-funding used to raise cash by creating new coins.

More news: High rain chances Tuesday pm through Wednesday am

Additionally, Facebook, Google, and Twitter are not the only companies that may have grossly exploited users' data or may have done a poor job of protecting users' data when sharing it with their advertisers or other third-parties.

Following the footsteps of Reddit, Google India and Facebook, micro-blogging platform Twitter will block cryptocurrency related advertisements starting today. It will ban ads on "ICO tokens, exchanges or wallets " from tomorrow (March 28) - and this news saw the prices of all the main crypto-currencies slide once again.

"There is not a discernible catalyst on either side of the market so we are just drifting lower".

The ban by Twitter has a few exceptions.

Earlier this month, Twitter announced its plans to begin cracking down on cryptocurrency spam accounts. Regardless of the move, the main source of worry for the crypto industry on Twitter have been fake accounts.

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