Twitter has become the latest to announce that it will be banning cryptocurrency-related adverts as follows in the footsteps of Facebook and Google.
In a report from Sky News, the San Francisco-based online news and social networking site is preparing to introduce a new advertising policy within the next two weeks. It will prohibit a range of digital currency advertisements related to initial coin offerings (ICOs), token sales, and cryptocurrency wallets. It’s also reported that adverts for digital currency exchanges may be banned, with some limited exceptions.[1]
This is a notable move from the social networking giant and follows on from the announcement from Facebook in January. Then, Rob Leathern, Facebook’s Product Management Director, made the announcement via the company blog, stating that Facebook had created a new policy that prohibited ‘misleading or deceptive promotional practices’ related to ICOs and cryptocurrencies. At the time, Leathern stated that the policy was intentionally broad as it worked at the best course of action relating to the crypto industry.[2]
More recently, Google revealed that it too would be banning cryptocurrency advertising in a new financial products policy starting from June. It will also restrict related content to the market such as ICOs, crypto exchanges, wallets, and trading advice, the document noted. News of Google’s intentions saw market prices drop heavily, among other factors, last Thursday, with bitcoin falling to a low of $7,800 and ethereum below the $600 mark.[3][4]
This announcement from Twitter follows Jack Dorsey, CEO of the social network and a huge advocate of cryptocurrency stating at the beginning of March that the company was ‘on it’ to crack down on the amount of crypto scams and copycat accounts tricking followers into sending digital currency for a larger reward that had found their way onto the platform.[5]
Despite Twitter’s intentions, however, market prices don’t appear to have been impacted. Over the past 24 hours, values have rallied, with bitcoin rising nearly 15 percent in 24 hours, at $8,617, according to CoinMarketCap. Ethereum has also increased by over 15 percent to $548. Whereas, Ripple has jumped nearly 20 percent within a 24-hour period to $0.686266.
It’s believed this surge in price is down to the Financial Stability Board’s (FSB), the watchdog that regulates G20 nations, resistance to calls to regulate cryptocurrencies like bitcoin. According to the FSB that they don’t pose a risk to global financial stability, according to Mark Carney, the chair of the FSB in a letter to G20 central bankers and finance ministers.[6][7]
This is a notable remark from Carney considering he said earlier this month that the cryptocurrency industry should be held to the same standards as the financial system by regulating certain elements of the sector.[8]
References
- ^ Sky News (news.sky.com)
- ^ misleading or
