About a month ago Facebook decided that it would no longer allow ads for cryptocurrencies and other dubious financial products such as binary options on its platform. The world’s largest social network wanted to ensure that its users were kept safe from rampant cryptocurrency scams and get rich quick schemes involving web-based financial products that were too good to be true. Google took a similar step not too long ago and according to a new report, Twitter may be next.
Sources tell Sky that Twitter is going to implement an outright ban against ads for initial coin offerings or ICOs, token sales and cryptocurrency wallets within the next couple of weeks. The report also adds that Twitter may even ban ads for some cryptocurrency exchanges with “some limited exceptions.”
Twitter hasn’t confirmed or denied this as yet but if it does decide to implement a blanket ban on cryptocurrency-related ads, it wouldn’t be surprising. Cryptocurrency scams show no signs of slowing down and the company would certainly want its users to be protected from them.
This is why it would make sense for Twitter to follow in the footsteps of Facebook and Google to make sure that its platform isn’t used to cheat people out of their hard-earned money.