Report Says Twitter Planning a Crypto Ban Similar to Facebook and Google, Within Two Weeks

Last week’s announcement by Google about banning crypto ads came as a big shocker to the market soon after which the market witnessed a heavy sell-off across all digital currencies thereby eroding $60 Billion from the overall crypto market valuations.

Just when the crypto market is seen settling with the fresh wounds, another report says that social media giant Twitter is planning a ban on digital currency advertisements. Sky News recently released a report, without mentioning the source of information, that Twitter is looking to ban advertisements for crypto exchanges, cryptocurrency wallets, Initial Coin Offerings, tokens sales, etc.

Although we have yet to get any official statement from Twitter on this matter, it is said that the decision will possibly come in next two weeks. It is expected that the reasoning behind such a decision will be on similar grounds to that provided by Google.

While talking to CNBC last week, Scott Spencer, Google’s director for sustainable ads said: "We don't have a crystal ball to know where the future is going to go with cryptocurrencies, but we've seen enough consumer harm or potential for consumer harm that it's an area that we want to approach with extreme caution.”

The tech giant also said that last year in 2017, the company removed 3.2 billion violating its policies. As Google’s major part of the revenue comes from its advertisement services, the company said that it will make sure that its advertising platform is absolutely safe without harming the consumers in any possible way.

In a comment made earlier this month, Twitter CEO and co-founder Jack Dorsey said that the firm would double down its efforts in order to tackle the crypto scammers appearing on its platform. In a word with Bloomberg earlier, a Twitter spokesperson said that the company is pretty much aware of the “manipulation” and is taking necessary measures to "prevent these types of accounts from engaging with others in a deceptive manner.”

It looks like companies too, have joined the crypto crackdown sighting increasing reports of fraudulent and misleading advertisements. For this, the companies are even willing to take a hard stand even if it means compromising on revenues. Instead, they prefer to have a long-term view with respect to consumer security and protection.

Apart from Twitter and Google, Facebook too has banned crypto ads on its platform based on similar reasons.