Twitter gears up to ban most cryptocurrency ads

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Following in the footsteps of the two other social web behemoths, Google and Facebook - and following a week of rumours - Twitter has now confirmed that it will ban adverts for Initial Coin Offerings and certain other cryptocurrency services in order to protect its users from scams. "As such, we have added a new policy for Twitter Ads relating to cryptocurrency", a Twitter spokesperson told CNBC Monday. "Under this new policy, the advertisement of ICOs and token sales will be prohibited globally". Token sales and ICOs will be blocked, but cryptocurrency wallets and exchanges will be limited to only public companies that are listed on major stock markets.

When news of the action by Twitter was rumored last week, the price of bitcoin fell.

In a statement, the company said it was committed to making sure that its community was safe.

The ban will not apply to cryptocurrency exchanges registered and licensed to operate by the Financial Services Agency (FSA), the country's financial regulator. Facebook was then followed by Google, which plans on enacting their ban in June.

"We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs)", Scott Spencer, Google's Director of Sustainable Ads, had said.

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The majority of top cryptocurrencies were trading lower on the news.

The cryptocurrency market was worth less than $300 billion on Tuesday, according to Coinmarketcap - an astounding $525-billion drop from the record value seen in January.

Twitter and Square CEO Jack Dorsey's belief in Bitcoin doesn't seem to extend to all crypto.

In 2017, $5.6bn was raised through ICOs, but there are also concerns that scammers are using online ads to find victims willing to part with their cash for what may be revealed as the Dutch tulip auctions of our age. The consensus is that such banning of cryptocurrencies and ICO ads will cripple the many fraudulent operations that are clogging up the crypto space.

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