Twitter announced Monday that it will officially ban advertising for cryptocurrencies, following the lead of both Google and Facebook, who both made similar announcements earlier this year.
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A Twitter spokesperson told FOX Business that the move is part of the company’s commitment to “ensure the safety” of its 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,” a spokesperson added.
News of the ban was previously reported by FOX Business earlier this month but the executives were still working out the final terms. Under the company’s new policies, which will be rolled out starting Tuesday, and be fully implemented for all advertisers within a month’s time, any advertisements involving ICOs, token sales, cryptocurrency exchanges or trading services will now be banned.
Additionally, the company states that any advertisement for financial products and services must be compatible with all applicable law and provide necessary disclosures, balanced information of risks and benefits, and all information that must be provided to the investor. Also, each company must be clearly identified as financial services.
The move also comes to no surprise to people who follow Twitter CEO and founder Jack Dorsey, who tweeted back at a Cornell professor who said the cryptocurrency scams “are getting out of hand” on the platform earlier this month.
Dorsey responded: “We are on it.”
Google announced its plans to include cryptocurrency ads on its restricted list starting in June earlier this month as well. The move will essentially ban ads for crypto exchanges and token sales.
Facebook said in a blog post in January that it would block ads that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”
Despite the criticism of digital currencies by tech giants as well as financial regulators, some celebrities have still embraced the technology. FOX Business previously reported that eight-time Winter Olympian Apolo Ohno and NFL star cornerback Richard Sherman have both invested in companies to promote blockchain, the technology behind cryptocurrencies.