Twitter Reportedly Joins Rivals in Banning Advertising for ‎Cryptocurrencies

Twitter is banning “a range of cryptocurrency advertisements”, ‎including initial coin offerings (ICOs), the latest internet giant to announce restrictions on the ‎sector amid growing concerns about scams, Sky News reported on Sunday.‎

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The ad ban will come into force within two weeks as part of a clampdown on ‎unregulated financial products.‎ Details of such arrangements, however, are as of yet unconfirmed.

The move follows similar bans made by advertising rivals, including Facebook and ‎Google, which banned all cryptocurrency and ICO adverts in an effort to prevent people ‎from advertising products and services associated with misleading promotional ‎practices

Sky News wrote it understands that prohibitions currently cover advertisements ‎for “initial coin offerings (ICOs), token sales, and cryptocurrency wallets ‎globally.”‎

It added: “Twitter may also ban all ads for cryptocurrency exchanges, ‎with some limited exceptions, when the policy is launched.”‎

Interest in ads for cryptocurrencies and related content has surged in the last year as ‎their prices rocketed.  That growth has prompted internet companies to announce new ‎guidelines prohibiting adverts that relate to virtual coins as some of that activity drew skepticism from regulators. At the time, Facebook ‎said those products are “frequently associated with misleading or deceptive promotional ‎practices”.‎

Meanwhile, it’s not clear yet if Twitter will join Google and Facebook to stop ads for ‎other financial products like binary options, CFDs, forex and spread betting. ‎

Google, the largest provider of digital advertising on the internet, announced last week that firms wanting to promote those products would need to be ‎registered with the relevant financial regulators before they could advertise again. ‎