First Facebook, Then Google. Now Twitter Is Set to Become the Latest Company to Ban Crypto Ads
It was perhaps inevitable that this would happen, after both Facebook and Google recently banned all forms of crypto advertizing. Now, Twitter have announced that they will follow suit in the next couple of weeks, as they prepare a policy to block the advertizing of crypto wallets, Initial Coin Offerings and exchanges.
The Fight Against Fraud
As with the other tech giants, Twitter’s ban will be a direct reaction to the large amount of illegal and fraudulent activity associated with crypto in general, particularly ICOs. Would-be investors are vulnerable to potential fraud, partly as the crypto market remains largely unregulated, and the underlying technology is confusing to those not involved in the tech industry already.
Jack Dorsey, the CEO of Twitter, had already taken steps to ban accounts associated with fraudulent activity, earlier this year. Now, this blanket ban will serve as a way to protect its users. Twitter is particularly vulnerable, as it is so open, so there have been growing concerns for a while. And while the ban will not come in to effect immediately – as with Facebook and Twitter – onlookers will hope that these bans come with a significant drop in fraud statistics.
However, there will be those who are not happy. New startups and existing companies behind ICOs will of course be negatively affected by this kac of exposure. And this is on top of having to deal with regulatory bodies closing in on strict regulations, with the US SEC one of many large regulators subjecting ICOs to intense scrutiny and crackdowns.
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