Twitter will ban cryptocurrency ads in two weeks
Twitter plans to ban advertisements related to cryptocurrencies over the next two weeks, people familiar with the social networking company told FOX Business.
The company would following Facebook and Google, which have both changed their policies to remove cryptocurrency-related ads.
The people familiar with the company said it plans to roll out a policy over the next two weeks because its executives are still “working on” the final plans. A Twitter spokesperson declined to comment or give any further details at this time.
The move follows comments from Twitter CEO and founder Jack Dorsey, when he tweeted back at a Cornell professor who said the cryptocurrency scams “are getting out of hand” on the platform.
Dorsey responded: “We are on it.”
Google announced last week its plans to include cryptocurrency ads on its restricted list starting in June. 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.