Social microblogging platform Twitter announced that it is banning advertisements associated with Initial Coin Offerings (ICOs) on its website.
In an email to Bloomberg, Twitter noted that this will be a “global ban”. The social networking site said it imposed the ban because ICOs and related advertisements are “often associated with deception and fraud”.
As to how the measures will be enforced, Twitter noted the following:
- Only wallets and exchange ads from public companies will be allowed.
- These public companies offering wallets and cryptocurrency exchange must be listed on a major stock market exchange.
- In case of exchanges in Japan, they must be licensed with the Financial Services Agency.
News about the Twitter ban on ICO surfaced last week when Sky News revealed that the microblogging platform may be rolling out a blanket ban policy on ads related to cryptocurrency.
In an earlier report, Twitter mentioned that it was rolling out measures to handle scammers proliferating on its platform. These scammers posed as crypto personalities and then ask for a minimal number of tokens in exchange for a greater number of tokens. This did not bode well at first, as some verified accounts also got flagged as fake.
Twitter is not the first to carry out a blanket rule to ban ads associated to Initial Coin Offerings. Facebook banned cryptocurrency ads in January. Google announced that it is banning such ads from June 2018.