Twitter is mulling a ban on advertisements promoting cryptocurrencies and Initial Coin Offerings (ICOs), the term coined to describe funding rounds for emerging virtual currencies, according to a new report.
The move, which could come into action as soon as the end of the month, is said to mimic the actions of Facebook and Google, both of which banned advertisers from boosting content pertaining to Bitcoin, Ripple and all other virtual currencies.
Unlike Facebook and Google, however, Twitter is believed to have introduced a handful of exceptions for cryptocurrency exchanges – letting regulated trading houses run targetted advertisements on the platform in a limited capacity.
Big G noted not too long ago that there are more than three billion ads in violation of its policies, with some being used to promote non-existent funding rounds for emerging cryptocurrencies – something Twitter has been battling with.
Keen to avoid more controversy, Twitter has revealed that it is taking steps to reduce the number of user-based scams on its platform, suspending accounts (often impersonating celebrities) requesting funds left, right and centre.
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Twitter’s ban on advertisements promoting cryptocurrencies should also put an end to fraudsters using its Ads dashboard to boost illicit get-rich-quick schemes, offering customers the chance to purchase tokens through unregulated exchanges.
The issue here is that while tokens may be offered at a reduced rate to draw in customers, the exchanges often charge extortionate processing fees – you could pay £500 for something that would cost £200 through a regulated exchange.
Do you think Twitter should ban all advertisements promoting cryptocurrencies? Be sure to let us know over on either Facebook or Twitter @TrustedReviews.
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Editorial independence
Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
