The social media company announced this week a ban on ads for initial offerings of cryptocurrency.
US.- Social media company Twitter announced this Monday a ban on advertisements for initial offerings of cryptocurrency or sales of virtual currency tokens. After the announcement, the value of Bitcoin dropped below US$8k.
Twitter follows Google and Facebook, which have already announced their decision to prohibit cryptocurrency ads on their websites. The companies said that the measure comes from a place of desire to protect users from misleading opportunities. “We are committed to ensuring the safety of the Twitter community,” Twitter said in a statement. “As such, we have added a new policy for Twitter Ads relating to cryptocurrency.”
The new policy establishes that the advertisement of ICOs and token sales will be banned. “We know that this type of content is often associated with deception and fraud, both organic and paid, and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner,” said Twitter.
The value of Bitcoin dropped eight per cent to US$7929 after the ad ban was announced. The social media platform is planning on modifying the ad policy as the digital currency market evolves.