According to the top cryptocurrency news, Twitter is now banning all cryptocurrency ads from today!
Twitter has confirmed this cryptocurrency news that they will be banning all the cryptocurrency-related ads from today.
In their opinion, they are banning them to avoid all the frauds and losses of the large investors.
In a statement, the social media platform said “We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.”
The news came out as a shock and Twitter has now become the third-largest internet platform who is banning the Initial Coin Offerings (ICOs) and cryptocurrency ads.
The rumors started circulating a week ago that Twitter is planning to ban such ads for its safety. Also, it was noticed earlier this month that Twitter started removing accounts that encouraged cryptocurrency exchanges.
According to Rueters, the ban will cover all the initial coin offerings, crypto exchanges as well as token sales with very limited exceptions.
Twitter announced its new policy and said “This policy covers, but is not limited to the following financial products and services… currency exchange, trading, and related services, cryptocurrency ICOs, and cryptocurrency token sales.”
Twitter said that this decision was partially taken due to the growing fake accounts on the website impersonating famous people like Elon Musk and Donald Trump, encouraging people to donate in Bitcoin and Crypto wallets. Twitter decided to take serious action on it and removed these fraud accounts from their platform.
The new policy by Twitter will be rolling out in the next 30 days that will ban all the cryptocurrency wallet services and exchanges unless they are some known public companies and are listed on the major stock markets.