Micro-blogging site Twitter may follow its industry peers Google and Facebook to ban cryptocurrency ads on its platform in the following weeks.
Just about a week back search giant, Google informed the media that it will update its policies to ban ads for unregulated or speculative financial products like binary options, cryptocurrency, and financial spread betting among others.
On January 30 earlier this year, Facebook revealed its new ads policy that ‘prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.’
Twitter hasn’t come out with a statement regarding this decision.
As per a report on Coindesk, Twitter has chosen not to comment on this as yet but the company hasn’t denied the Sky News report.
Jack Dorsey, Co-founder and CEO of Twitter had, in a reply to a tweet by Cornell University Professor Emin Gün Sirer, said that they are working on solution to cracking down on cryptocurrency scam accounts.
We are on it.
— jack (@jack) March 6, 2018
There have been reports of fake Twitter profiles of popular personalities being used to promote cryptocurrencies and asking people to invest in them.
Former South Africa Cricket team captain AB de Villiers has been one of the sufferers. In February earlier this year, he clarified with a tweet that he is not a part of any such activity.
Just to confirm, I am not endorsing any products related to Bitcoin or any other currency #fakenews
— AB de Villiers (@ABdeVilliers17) February 5, 2018
The bans proposed by all tech-giants keep consumer safety and at the centre.
Notably, the CRIX – a Cryptocurrency index for blockchain-based currencies - that tracks 20 cryptocurrencies including Bitcoin, Etheruem and Ripple has slumped over 60% since the first advertisement ban by Facebook came into force on January 30, 2018.