- 27th March 2018
- Posted by: Lendo
- Category: Blockchain, Cryptocurrency
Twitter has finally confirmed its ban on cryptocurrency-related adverts. This comes just a few weeks after Facebook introduced a similar clampdown on crypto and ICOs, allegedly for the good of its members.
The announcement has swiftly circulated around the crypto media outlets, such as Cointelegraph. Google has also decided to ban crypto ads starting in June 2018, according to its recently updated Financial Services policy.
Last week, Sky News reported that Twitter was intending to introduce this ban within the next two weeks and it will prohibit adverts for “ ICOs, token sales and cryptocurrency wallets globally.”
One of the reasons behind this move has been the rise in the number of fake accounts advertising cryptocurrency giveaways and a number of these impostors have been posing as famous figures on the cryptocurrency scene, such as Charlie Lee, the founder of Litecoin, who is a prolific social media user.
It seems somewhat hypocritical to basically attack the entire cryptosphere in such a manner when there are plenty of more objectionable posts on Twitter and other social media channels. Of course, nobody wants the public to be the victim of scammers, but the number of these types of sites is a very small percentage compared with legitimate blockchain startups who offer a tangible benefit to the market sectors they intend to operate in.
For example, the UK’s advertising standards body said they had received less than 10 cryptocurrency-related ad complaints so far. A spokesperson from the UK Advertising Standards Authority responded to this by saying, “And none have resulted in us finding grounds for an investigation.” Other countries advertising bodies are making similar reports.
In other words, it seems that Twitter, Facebook and Google have decided to cut off the oxygen supply to the crypto world, but racist groups and Twitter-mad country leaders can say what they like. It’s a funny old world.