Last updated on May 17th, 2018 at 09:42 am
Microblogging platorm Twitter is warming up to ban cryptocurrency-related advertisements, weeks after Facebook, and Google withdrew from promoting crypto on their platforms.
Facebook was the first internet giant to take the bold step so as to avoid deceptive ads.
Sky News reports hat twitter’s “new advertising policy will be implemented in two weeks and currently stands to prohibit advertisements for initial coin offerings (ICOs), token sales, and cryptocurrency wallets globally.”
The new policy is still underway, but when it is fully implemeted, “Twitter may also ban all ads for cryptocurrency exchanges, with some limited exceptions.”
The ban is due to illicit activities that have been going on the internet since bitcoin boom in 2017, thousands of investors have lost millions of dollars in the process.
Facebook had announced in January that it would prohibit ads that promote financial products and services which are “frequently associated with misleading or deceptive promotional activities”.
In one of our reports, we told you how an ICOs investor made public outcry on Facebook of how he lost thousands of dollars in Jengcoin, one of the frudulent ICOs, which advertised on Facebook.
On Wednesday, March 4, 2018, Google announced it would begin restricting ads for cryptocurrencies and related content, including initial coin offerings, cryptocurrency exchanges, wallets and trading advice services.
There are over 1,500 cryptocurrencies and ICOs, and more were coming up everyday until Facebook banned promotion of such crypto. Most of the icos used Google and Facebook Ads to get reahout to investors.
World leaders are worried over the last figures from Action Fraud, which shows that victims’ losses in Britain have risen by 400,000% in six years.
“Regulate elements of the crypto-asset ecosystem to combat illicit activities,” Mark Carney, the governor of the Bank of England was quoted as saying by Sky News.
He speaks further: “There are a number of problems with cryptocurrencies. They are small now but they are getting bigger.
“We will talk about them at the G20 meeting and we are talking about them now in the Bank of England. The Financial Policy Committee is looking at the risks to financial stability.
“There are issues for authorities who deal with money laundering, terrorist financing and price fixing. There have been a number of incidents of theft – not just big crimes but also steady thefts from people’s wallets.
“The operational standards of these currencies are nowhere near where they need to be.”
Since the value of bitcoin skyrocketed, the practice of initial coin offerings (ICOs) have a record high on virtually all the major social media on the Internet.
ICOs is a controversial method of raising capital by creating coins or tokens using the blockchain technology which underpins bitcoin.
Will the bans affect already known digital coins like bitcoin, ethereum, litecoin and ripple?