Twitter Plans To Impose Restrictions on Crypto AdvertisementsMarch 21, 2018
Recent media reports have it that Twitter is planning to impose restrictions on Initial Coin Offerings, crypto wallets, and token sales. Twitter reportedly expects to implement the new ads policy in a few weeks. Other reports say that the micro-blogging website has already imposed restrictions on crypto exchange ads and also barred few exceptions. These reports are, however, yet to be officially confirmed.
A few trading platforms could be excluded from the impending ban
The news on the impending ban was reported by Sky News, which did not reveal its source. This development comes just days after Google and Facebook announced similar moves. According to the Sky News report, Twitter will implement the new policy globally prohibiting ads on ICOs, crypto wallets, and token sales in two weeks. Twitter is yet to give its reasoning behind the ban. Other firms that have imposed restrictions on cryptos and related content cited concerns over fraudulent ads and illegal activities.
Sky News revealed that the impending restrictions could also include ads for crypto exchanges. However, the report suggests, the new ads policy will be implemented with a few “limited exceptions.” This is in regards to crypto trading platforms. No formal statement confirming the expected ban has been released.
Crypto restrictions are increasing across the Web
The reports about Twitter’s impending ban on digital currency and related content come amid mounting regulatory pressures from across the world and after moves by Google (the globe’s largest search engine) and popular social media network, Facebook. These announcements, analysts say, have partly been as a result of the recent frequent dips in the crypto markets.
Facebook announced its restrictions on crypto advertisements in January, saying that the decision came after increasing complaints from users about fraudulent and spam crypto ads. The social network stated that ads shouldn’t promote financial services and products that are frequently associated with deceptive or misleading promotional practices. This warning mainly targeted cryptos and Initial Coin Offerings.
Most recently, Google also announced plans to ban crypto ads and related content, such as content related to crypto exchanges, Initial Coin Offerings, crypto trading advice, and crypto wallets. Media sources say that Google plans to implement its new policy in June 2018. The company’s updated Financial Services Policy allows some room for publication of some advertisements upon certification by the company.
Google’s decision has already provoked serious reactions from across the crypto community. In Russia, for instance, news outlets have reported a Moscow lawsuit filed against Google’s impending restrictions. The lawsuit was filed in a District Court by a crypto entrepreneur who insists on being compensated about 2 billion rubles for missed investment opportunities. The man says that since Google announced the ban, he lost willing investors “overnight.”
Other reports have it that Yandex, Russia’s biggest search engine, is also considering stopping publication of ads promoting crypto-related material like digital currency itself, Initial Coin Offerings, and crypto mining. Yandex’s press office has, however, denied the reports saying the company has not made any changes to its ads policy.